Melton We’ve all heard of apps such as Afterpay and Openpay, which give you the opportunity to take a product home without paying upfront, but instead keeping up with fortnightly payments on the item. It’s interest-free, and it sounds amazing for anyone that wants to treat themselves to a shopping spree, but did you know that these shopping habits can negatively impact your chances of securing a loan?
With banks more intently looking at the spending habits of those who are applying for loans, it is important to ensure that you don’t continue using apps that can be considered a ‘debt’. Like credit card purchases, these spending’s will be considered at by banks and will have an impact on your chances of securing a loan.
It’s recommended by housing experts to focus on cleaning up your credit history, and ensuring that there are no outstanding payments for at least three months prior to applying for a loan. (Information gathered through https://www.domain.com.au/money-markets/how-your-shopping-habits-can-hurt-your-chances-of-securing-a-mortgage-816343/)
