Buy Now, Pay Later
Are you one of the increasing number of Australians using Afterpay, ZipPay or any of the other buy now, pay later services? Is the option of buying an item now and paying for it at a later date causing people to spend beyond their means?
It is now almost impossible to go into a shop or view a website without a buy now, pay later payment option. They are advertised as a convenient, quick way to get the products or services you want right now with the luxury of paying for them at a later date without impacting your credit rating. Is it too good to be true though?
So Does Buy Now, Pay Later Impact your Chances of Getting a Home Loan?
We are seeing an increasing number of clients who use these services without understanding the flow-on effects. Some lenders are now asking the question, if you can’t budget to pay for new clothes or a haircut then why should we lend you the money to purchase a home?
It’s important to understand that buy now, pay later services are a form of debt and they do need to be disclosed when going for a home loan.
Handy Hints to Get You Started:
- Prepare detailed list of living expenses & budgets – Lenders want to understand your financials and in doing so they take a close look at your living expenses and liabilities. You need to know where your money is going and every lender wants the information in a slightly different way. We are more than happy to sit down and do this with you
- 3 months savings history – The majority of lenders want to see 3 months savings history for all accounts. It’s also important to keep detailed records of where the money you are using for your deposit came from. At the end of the day lenders need to see evidence that you are responsible and capable of handling a home loan
- Talk to us early – It’s never too early to talk to us about your plans! We have helped customers months or even years prior to getting a home loan to set reasonable savings and budget goals in order to get you to where you want to be
3 Reasons Our Customers Love Dream Financing!
- Fast and responsive – We understand that buying a home can be a stressful experience so we strive to keep you informed every step of the way and answer your questions as they come up.
- We are proactive – Just because your house finance has settled, doesn’t mean we stop working. We are in constant contact with lenders, so we’ll can ensure that if a better deal comes up, you’ll know about it.
- Confidence – Working with Dream Financing you can be confident that your financing is in place, freeing you up to focus on finding a property you love – and the ability to make an offer quickly when you do!
Talk to us to find out how to finance your dream home
If you are looking to secure a home loan now (or in the future) speak to the experienced team at Dream Financing.
No matter whether you’re looking to buy a home in Albany Creek or Warner, Samford or Eatons Hill, Caboolture to Bridgeman Downs, we’re here to help.
Dream Financing is the mortgage broker of choice for Brisbane North, including Eatons Hill, Albany Creek, Warner, Draper, Samford and surrounding areas. We’ll help you find the best loan products no matter what your personal situation is.
We offer expert advice on a huge range of services including home loans, investment property loans, cashflow finance for self-employed, commercial property loans, car loans for self-employed and equipment loans for self-employed.