Changes to Credit Policy - Buy Now, Pay Later Commitments

December 12, 2017
Jo Duncan

You may have heard about Buy Now, Pay Later technology that allows consumers to buy and receive products immediately buy pay later without penalty or interest.  Here’s just one article ICYMI https://www.businessinsider.com.au/buy-now-pay-later-australian-fintech-startups-tyro-and-afterpay-pair-up-in-blockbuster-deal-2017-2-

What you might not know is how this type of arrangement may impact on your ability to get a home loan. Several major lenders have updated their Consumer Credit Policy so that their serviceability assessment includes your Buy Now, Pay Later liability. What this means is the banks are including a fuller picture of your monthly commitments to ensure you can afford to make the home loan repayments, both now and in the future. 

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