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Finance Update: 2019 – 2020

Finance Update: 2019 – 2020

16 January 2020 Ryan Smith Finance

Chats with Nick Ep.3

“Good morning everyone, Ryan Smith from Realmark with Nick from Capita and we’re just going to quickly wrap up 2019 with a few topics we spoke about last year and then go into what’s expected for 2020. Nick, can you give us a quick wrap-up of 19?” – Ryan

“Well Ryan, the interest rates hit an all-time low with fixed rates below 3% which were good for all. The banks really focused and zeroed in on your living expenses. Things like Afterpay accounts, Sportsbet accounts were looked at in a lot more detail – they were looking at those sorts of things. Comprehensive credit reporting came in in a big way, so your account conduct. Have you been paying all your accounts and bills on time? There was a real focus on that last year.” – Nick

“At the moment, the market is picking up and interest rates are low. It is a time to buy if you are looking to get into the market. Like you said Nick, a lot of the things they’re looking at is on living expenses. We are going to touch on that in more next week. Nick, can you give us a quick sort of preview of what we’re going to touch on that?” – Ryan

“So we’ll go into a lot more detail, but they basically can ask up to the last three months of your bank statements to look at what you’ve been spending your money on. You need to declare now what your living expenses are and that is taken into consideration when you get your borrowing capacity. There’s a real focus on how much you spend on Uber Eats, how much you spend on Sports Bet how much you spend on takeaway food etc. All those sorts of things are really looked at. It’s more important than ever to get in front of a broker and work out exactly when you want to buy and get those things right and under control.” – Nick
 

So if you’re looking to buy in 2020, make sure to stay tuned for next week because it is time to clean up that account and be ready. Thanks again and have a great day.

Nick Constantine is our in house broker from Capita Finance.
m: 0418 919 203 e: nconstantine@capitafinance.com.au

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