If you’ve thought about how deep credit checks go, this one might stop you in your tracks momentarily.
According to Domain, if you’re one of those people who nickname bank transactions with things like ‘bender’ or ‘stingaz’, it could come back to bite you when you’re looking at more serious loan applications. Mislabelling statements are causing delays to mortgage applications, the real estate site has noted.
Bankers are doing thorough look throughs of transactions records, so if you’ve put some weed purchases on Splitwise, maybe check that one. With banks tightening the purse strings on lending amounts in the last handful of years, it makes sense that their checks would be more thorough, yet in Domain’s recent findings, more specific reasons for denials or delays have come to light.
“As fun as it may be, it’s not advisable to be creative in the transfer text.”
A prevalent one has been the overuse of Uber and Uber Eats, along with gambling debts, subscription services and other borrowing debts. One would argue that it is inescapable for anybody not to be subscribed to some kind of app that featured in-app purchases. We all have bought food via a delivery app before. It’s part of daily life.
Still, an over ordering of late night Macca’s is different to ordering Macca’s and mislabelling it as sex work.
“If that person happens to be in the property market at that time, the bank’s going, ‘Hang on, what’s this?’ Particularly if there’s $50 here or $50 there,” Chris Foster-Ramsay, finance broker at Foster Ramsay Finance told Domain.
“[Banks ask,] ’Is it adult entertainment?’… If that happens over a period of time, the bank is picking up on it.”
“Bank statements are a legal document,” he added. “You have to be semi-serious about it. As fun as it may be, it’s not advisable to be creative in the transfer text.”
