- May 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding the Bank’s Requirements for Bank Statements
When reapplying for a mortgage, banks typically look for several key factors in your bank statements. These may include your income, spending habits, any large deposits or withdrawals, and overall financial stability. Providing 3 months of bank statements is common practice to assess your financial situation thoroughly.
## Addressing a Recent Life Event and Its Impact on Finances
In the case of a recent separation and a break from work due to mental health concerns, it’s understandable that your spending may have fluctuated. However, dipping into your savings and being mindful of your finances during this time demonstrates a level of responsibility. Now that you are back at work and have regained control over your spending, it shows a positive behavior change.
## How AI Legalese Decoder Can Help
With the AI Legalese Decoder, you can easily analyze your bank statements to identify any red flags or sensitive information that may raise concerns for the bank. The tool can help you highlight areas where your spending may have been impacted by personal circumstances, making it easier to communicate with your mortgage broker and potentially mitigate any worries they may have. By using this feature, you can provide a clearer picture of your financial health and demonstrate your commitment to managing your finances efficiently.
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****** just grabbed a
Worried? No.
If there are signs of over spending the last 3 months.. it may impact your borrowing capacity.. but.. in 3 months that’s all cleared again so no dramas 🙂
I went through same a yearish ago.
I went directly to the bank. Made it clear that my recent spending had been very unusual as I had replace half of the ‘stuff’ in the house.
Provided a clearly developed budget that showed what would be normal spending.
Didn’t seem to be an issue.
We recently went through the process to get one of the 0% heat pump loans, Westpac seemed to run the statements through a program to divide up the transactions, this much on groceries, this on takeaways, this much on clothing and mortgage etc. They didn’t pick up we were having a baby though, which would have been abundantly clear if a human read the statements.
It’s much stricter than previously, even for two people on good incomes and a manageable mortgage. My advice clear and close, The bank are particularly concerned about afterpay or laybuy clear them and close the accounts. The balance of the likes of credit cards is only one part of what they are looking at, the limit is also a problem, so where possible reduce the limit or close excess unused credit cards (if you have multiple)
There’s no rush atm, take you’re time. Start going to open homes now. After 3 months of open homes you’ll understand what price houses are selling for. You’ll also refine what you value in a property.
Your income vs spending, whether you have credit card bill going out (which will prompt them to also request your credit card statement), or history of afterpay etc purchases
Basically your serviceability of loan, and they think 3 months is adequate to evaluate that
If you spend like a normal reasonable person it’s generally fine.
I’ve been banking with my mortgage provider since childhood ie they literally know my finance from primary school onward, and they still require 90 days statement
So it’s just part of their review process