Big brother is watching you and so is your future lender? Not really the case, but they will review your financial spending behavior, for 12 to 18 months prior to you applying for your loan.  This means that every dollar you spend leading up to your loan will be scrutinized by your future lender. Any patterns of expenditure will be identified and interpreted either positively, or negatively, during your loan application.

Rental expenditure will be considered potential savings by your future lender, however any pattern of expenditure that exists prior to your loan application, will be categorised as the norm by your future lender.

What does this mean?  It means that at the time of applying for a loan, it is unlikely that a lender will believe, or factor in, a suggestion that you will save $5,000 by reducing your Uber Eats expenditure. As the saying suggests, at this time, the train has left the station and you’re not on it!