With the current financial climate, a greater focus and scrutiny from lenders has been put into effect around a customer’s spending habits. Reviewing items such as clothing, holidays, personal care etc.
To the point where what you choose to eat for dinner could impact your future lending potential.
With greater dependence on EFTPOS cards and the convenience of food delivery apps such as Uber Eats and Deliveroo, technology has allowed customers’ purchases to be captured and used in the assessment of finance applications.
Understandably, a bank is about to give a large sum of money, so they do want to do their due diligence on your financial situation. However, their due diligence now includes checking services you may not have expected such as Uber Eats & Deliveroo.
For those who are using these services occasionally, it may not put you into any serious trouble, however, it’s the frequent ordering which can land you in a bind.
Other services that can impact your lending abilities are Afterpay and ZIP Pay. These facilities are now considered by lenders as debts and are treated similarly to credit cards.
Your ability to make fortnightly payments can largely influence the lenders’ assessment and your credit report.
So, What Tips Could be Given For Someone Wanting To Get Finance?
The most practical tip is to ensure you are organised before applying for finance. Understanding that in this current climate, everything you do is going to come under more scrutiny.
Learning to adapt to the market to suit lenders’ requirements and making simple changes to your lifestyle in the months preceding a credit application can make all the difference.
If purchasing a home is important to you, make it your priority.
Daniel Trotter
As a Mortgage Broker at Brisbane Home Loans, Daniel brings experience from both sides of the lending process. He began his career with a major Australian bank and progressed to Credit Officer, where he assessed and approved home loan applications and gained firsthand insight into how lenders evaluate borrowers. After working with several mortgage broking firms, Daniel brought that credit assessment expertise to Brisbane Home Loans, where he focuses on structuring applications correctly, navigating complex lending scenarios and giving clients the strongest opportunity for approval. His experience allows him to approach home lending with an understanding of what happens on the assessor's desk, not just what appears in a lender's product guide.
