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Lenders want to know how you spend.

Updated: Mar 19, 2019

With the 2018 Royal Commission into Banking has come some big changes in the way a lender will assess your application for a home loan. There is more pressure on the Banks now to be responsible in the way they lend to you. They have to be sure that you can afford the loan you have applied for.

In order to do this you will need to provide much more detailed information than you would have in the past.


One of the biggest inclusions to a home loan application has been the requirement to provide thorough representation of the applicant’s monthly expenses beyond their car loans, credit cards and other loan repayments. This included everything from your monthly electricity bill to what you spend on your pets. A lender will verify this information by looking through your savings account statements for any irregularities and also to ensure you keep your account(s) in good order (no overdrawn balances).


It is a good idea to sit down with a reputable Mortgage Broker and go over your accounts / expenses. If you are in the market for a loan then now is the perfect time to tidy up your spending. A little less take away food, more economical use of your car to reduce fuel expense are just a couple of things that will help increase your borrowing capacity.


CONTACT GADSDEN FINANCE and have a chat to get yourself fit for a Loan Application.

(03) 5443 9098



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GADSDEN FINANCE -  Bendigo   Melbourne  Geelong  

PH: (03) 5443 9098

E:  info@gadsdenfinance.com.au

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