Afteryay! or AfterNAY.
Is your Afterpay habit stopping you from getting a home loan?
It may not be a credit card, but Afterpay is still a credit liability and must for that reason be disclosed when applying for a home loan. Lenders have now updated their systems to record information about borrowers’ buy now pay later commitments.
While this doesn’t presage well for shopaholics (guilty!) trying to get into their first home, there is some good news. Most buy now pay later providers have a fairly short period in which to pay the full amount and a good mortgage broker will be able to liaise with lenders. You may need to provide some additional evidence around your buy now pay later commitments, but with help from a mortgage broker, you can still get the right loan for your situation.
There are some things you can do before applying for a home loan which will improve your chances of getting approval without needing to jump through hoops.
Obviously, there are plenty of other things you can do to increase the chance of getting approval for your new home loan.
If you can service a loan but don’t have genuine savings, Enigma Property Group can help you! With our own in-house finance, we are at the forefront of finding a solution to facilitate a deposit and get you into a home. Take this quiz to see if you’re eligible for a no-deposit home loan.