Will BNPL or Online Betting Impact Your Mortgage Application?
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
When applying for a mortgage, lenders scrutinise your financial habits to assess your creditworthiness.
Gambling activities, such as online betting, or using ‘buy now, pay later’ (BNPL) can potentially impact you negatively in the eyes of a
lender.
With our in-house mortgage broking division we bridge the gap between the countless phone calls and
emails between lender and accountant making your refinancing and borrowing much less stressful.
Gambling
Lenders view regular gambling, even small amounts, as a red flag. Online betting platforms in particular are closely scrutinised.
To improve your application, consider pausing or significantly reducing gambling activities for at least 3-6 months before applying.
Buy Now, Pay Later (BNPL)
While BNPL services may seem harmless, they can impact your borrowing capacity quite significantly.
To strengthen your application, consider reducing or eliminating BNPL and any associated accounts. Ahead of applying for a mortgage, it’s important to take stock and have a good hard look at the way you are spending your money.
Lenders want to see that you are a responsible spender with the means to pay them back. They want to see that you can save money, manage debts well and not spend more than you earn.
A great place to start is to talk to a mortgage broker who can sit down with you and look at your current
financial habits and see where you can improve.
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