24/08/2023
π³ Do you make purchases using a Buy Now Pay Later service? π³β£
β£
There's a law change afoot, which will see BNPL services regulated under the Credit Act. πβ£
β£
BNPL companies will also have to determine that products are suitable for their users under responsible lending obligations. π¨πΌβ£
β£
And not without good reason. π€β£
β£
According to a 2022 Australian report*, a whopping 73% of financial advisors said clients had gone without or cut back on essentials in order to service their BNPL debt. πβ£
β£
And you may not know this, but using BNPL services can negatively affect your borrowing capacity and serviceability when applying for a loan. π β£
β£
So if you're thinking about buying a home, give us a call today and we can help you go through your finances to give you a better chance of mortgage application success. π²β£
β£
To find out more, contact Sachin on:
β β 0430 531 945
π» β [email protected]
β£
*Good Shepherdβ£
β£