Afterpay should not affect your ability to be approved for a home loan as we do not carry out credit checks or report any information to credit bureaus or agencies. This means that Afterpay cannot affect what’s known as your ‘credit score’, which can determine your ability to get a home loan. When applying for a home loan, banks and lenders may ask you about your regular expenses. This may include regular spending on Afterpay, to make sure you can afford your future home loan repayments. But spending on discretionary items – which is what Afterpay is used for – should not affect how much you can borrow for your home loan.
What happens if I’m told I have to close my Afterpay account in order to get a home loan approved?
Unfortunately, we have sometimes heard of this happening, even though it shouldn’t. Maybe it’s got something to do with the fact that banks don’t like it that consumers are preferring to move away from credit to other ways of spending, such as Afterpay. Anyway, if you do find this is happening to you, and you don’t want to shop around for another home loan provider, just get in touch and we can close your account without a fuss (we never make our customers jump through hoops). Then, once you’ve managed to get your home loan, and if you want to start using Afterpay again, Get in Touch and we can reopen your account, easy peasy. We’d love to have you back.