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They do not care about Netflix at all they care about how much you earn how much you save and how many kids you have
We got a home loan with poor to average credit, a tiny deposit and allll those things just last year.
What was important to the bank was that we had a consistent record of saving of three months. Is your broker giving you this advice?
We are a one income family earning $1300 a week with two children and we had about $20,000 debt, we pay $400 a week in mortgage at minimum but more like $600 to get ahead, which is on par with the rental prices in our area anyway. This was probably the only way we would be able to buy our own home for a very long time. I fully recommend seeing a good broker, even if you think there's no way you could be a home owner at this stage in your life, ours gave us a plan and we followed exactly what he told us to do with our money for three months and then we were in and started our build 😊
We have Netflix, Stan and my husband loves eating out. We also had the capacity to make the loan repayments and sufficient deposit so our loan was approved. The bank doesn't care if you buy take away and watch Netflix.
Just about everyone has Netflix these days. Where are you getting your intel from? If Netflix is a deciding factor, a lot less people would be getting approved for home loans. Don’t they look for income, job stability, the amount of debt and savings you have rather than the particulars of Your Spending? (providing it’s legal of course).
I wouldn't worry about these things too much - after all at least it shows you have a fair amount of spending that you could cut out if needs be. They could say what if interest rates rise. You can say that would be okay, be can cut off Netflix and scrap takeaway.
They only dig deep on your expenditure if your income is borderline for servicing the loan a d you have no savings. We've just been Pre approved for 600k, without having to sell our existing home that still has about 70k owing on the mortgage. They didn't say anything about our expenditure at all. We went through what our debt is, limits on credit/store cards (even though there's nothing owing) our income and that was all.