Is fast food ruining your loan application?
With all lenders tightening the screws on their willingness to lend to anyone other than the most perfect of applicants now is more important than ever to keep your bank transactions as clean as possible. Discretionary expenses like trips to the movies, regular nights out and food on the run could hurt your loan application with lenders dissecting transaction accounts to calculate your monthly expenditure.
What does this mean?
If you know your bare minimum costs per month are $2500 per month but you spend over that because you have the money available banks are now likely to use the higher expenditure calculation when calculating your borrowing power which would mean you won't be able to borrow as much.
If you're anything like me, all the planning in the world may not always be enough to stop a quick trip to Macca's or a cheeky order from Uber Eats. If you do this a couple of times a week the cost will really add up and could potentially affect your borrowing power greatly.
My tip, services like Hello Fresh, Muscle Meals, Youfoodz etc could be a win for your wallet.
At under $10 a meal generally, they can be half the cost of Mcdonald's, anything on Uber eats or any other quick dinner you can think of that you grab on a whim and a lot of times the meals can be frozen meaning if things fall apart at the last minute it's just a 10 minute run in the microwave and dinner is ready to go.
If you're looking to save a bit of cash and try as you might to plan out your weekly meals, things can get in the way and I've found this can help save a little bit of money and even help to eat healthier.