AAA Couple saveWhen applying for a Home or Car loan, not even your dinner is safe from scrutiny.

Personal spending habits on things like clothes, holidays, and takeaway food are becoming under scrutiny when a bank considers your loan application. Banks are now looking at bank statements to see how often you order Uber Eats, how much you spend on shoes and if you make a habit of putting on a bet at the races.

The process is made tricky with technology changing the game. People don’t use cash anymore, and everything can be tracked when you use a debit card, a credit card or even Apple Pay.

So when applying for a loan it’s important to keep in mind that someone is watching before making a purchase. Everything you do & spend will be analysed during the application process.

Here are 5 simple steps  that will help you increase your chances of getting a Loan:

  • Be organised

Prepare as much information as possible. This includes bank & credit card statements, income details, your budget and considerations for expenses that will appear after settlement like council rates, insurance or Body Corp fees.

  • Minimise expenses

It would be good to work on reducing your spending in the 3-4 months prior to applying for a loan. Keeping your Uber Eats in check & having no social life could make a considerable impression on your chances of approval.   

  • Your Credit Report

Since July 2018, banks and brokers can now receive their customer’s personalised credit file, which provides more information about their repayment history and debts. If you’re even one day late paying your credit card or phone bill it could be recorded on your credit file and kill your application

  • Technology tells all

Remember that all digital transactions are being tracked and some purchases could come back to haunt come application time.

  • Buy now, pay later evils

Afterpay and Zip Pay are categorised as debt, viewed in the say way as credit cards. This means that missed payments and interest charges on them could potentially be viewed as default.  


It also means that banks consider these a ‘regular’ expenses (even if it is only really 3 or 4 payments) and so these can have a devastating effect on your Borrowing Capacity.


The game has changed – Simple tweaks can make a huge difference.


If owning a home or a car is important to you, you need to make simple changes as this can make a huge difference.




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