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?
If you do find this is happening to you, and you don’t want to shop around for another home loan provider, you can close your account with us at any time by simply requesting this via the mobile app or logging into your Afterpay account via desktop. Just make sure your account balance is at $0 before you follow the steps below (it's super easy!). You will also be sent an email confirming the account is closed that you can show to your bank.
Then, once you’ve managed to get your home loan, and if you want to start using Afterpay again, you can reopen your account in the app or online portal following the same steps. We’d love to have you back.