• +61 (3) 5911 7000

Will BNPL or Online Betting Impact Your Mortgage Application?

Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights


Will BNPL or Online Betting Impact Your Mortgage Application?


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.  

Did you know

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.

 LET'S TALK MORTGAGES LET'S TALK MORTGAGES

Gambling

Lenders view regular gambling, even small amounts, as a red flag. Online betting platforms in particular are closely scrutinised.

  • Frequency matters: Regular gambling, even small amounts, can potentially lead to an automatic decline.
  • Large withdrawals at casinos or pubs, especially late at night, signal risky financial behaviour to a lender.
  • Even modest betting is viewed more negatively than other discretionary spending.

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.

  • BNPL is considered a form of debt, even if paid off regularly.
  • Similar to credit cards, BNPL limits affect overall borrowing capacity.
  • Opening a BNPL account can reduce your credit score by up to 80 points due to credit checks.

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.

Start a conversation.

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. 

CALL US CALL US

Investors Target Charity-Backed Commercial Assets

Commercial properties leased to established charities are emerging as highly sought-after investments. 

Commercial construction reaches record levels as residential slows

Australia's construction sector, with commercial and infrastructure projects reaching record levels while residential development declines.

5 things to know about car loan refinancing

Car loan refinancing involves replacing your existing car loan with a new one. The new loan pays off your existing debt, allowing you to start making payments on the refinanced car loan.

How to apply for a car loan with a new job

Lenders often view job stability and income consistency as key factors in their loan approval process, which can make it tricky if you're settling into a new role.

5 important steps before making an offer

Making an offer on a property for the first time is both exciting and nerve-racking. It’s important to take several steps to ensure you’re making a well-informed decision

Melbourne's housing prices fall to the sixth lowest among the capital cities

Melbourne's housing market has experienced a significant shift in recent years, with its median dwelling value now ranking sixth-lowest among Australia's capital cities.

6 common refinancing traps to avoid

Refinancing your home loan can be a great way to save money, but it’s important to avoid common pitfalls.

7 tips for styling your spring open home

Spring is a popular time to sell homes, with warmer weather and blooming gardens creating an inviting atmosphere that brings out the best of any property.

The hidden costs of late payments

Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.

Show More