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Can 'eating in' effect your ability to get a home loan?


A recent article in moneymag.com.au says that ordering food via apps like UberEats could 'spoil your chances of getting a home loan' but they're only partially right. It's a little panic inducing to think that your food choices could influence your likelihood of getting a home loan but actually it's all just about choices!

Your discretionary spending is all under scrutiny and although it always has been, there are tighter rules in play now. The recent banking royal commission has highlighted many lending practices that needed extra scrutiny!

Banks have to be comfortable that you, as a potential borrower, will be able to pay the loan among the costs of life generally.

Eating out (or in!) 'too' often can be an indicator that you don't have your expenses under control. Banks love stability. They don't expect you to be saving buckets to the point of struggling but they looove small deposits ongoing (ie each month) that stay there. They are a bit more 'tortoise-like' rather than 'hare-like'...slow and steady wins the race here.

The big key here is preparation! Applying for a home loan without planning is an uphill battle but taking the Diamond Finance Geelong approach, is to plan, save and get to you goal as quickly and efficiently as you can.

I talked here about some tips for First Home Buyers and these tips are great for everyone.

If you are concerned about your spending; use our budget tracker to write down all your expenses to track against your income. It also helps to see just where your money goes each fortnight. Download it from our Resources page here.

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