Couverture de Dollars & Distractions – Episode 8 What Banks Really Look At (It’s Not Just Your Income)

Dollars & Distractions – Episode 8 What Banks Really Look At (It’s Not Just Your Income)

Dollars & Distractions – Episode 8 What Banks Really Look At (It’s Not Just Your Income)

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 In this episode of Dollars and Destructions, Maryanne and Bec break down what lenders are actually looking at when assessing your borrowing power and spoiler alert… it’s not just your income.
If you’ve ever wondered why someone earning less than you can borrow more, this episode will give you the clarity you’ve been missing.
💡 What You’ll Learn
  1. Income matters… but stability matters more Banks aren’t just looking at how much you earn they’re looking at how consistent and reliable that income is. Long-term employment can sometimes outweigh a higher but unstable income.
  2. Not all employment is treated equally, Full-time, part-time, casual, and self-employed income are all assessed differently.
  • Casual income is often shaded (e.g. only ~80% used)
  • Self-employed income must be proven and consistent
  • Contract roles depend heavily on industry and history
3. Your tax strategy can impact your borrowing power
Trying to minimise tax might reduce what you can borrow. What looks good to the ATO doesn’t always look good to a bank.
4. Your spending habits matter more than you think
Even high-income earners can be declined if their bank statements show poor money management like overdrawing accounts or missed payments.
5. Credit scores can make or break your application
  • You can access a free credit report through Equifax
  • Some lenders won’t consider applications under a certain score (e.g. 600)
  • Multiple applications, unpaid debts, or forgotten accounts can hurt you
6. Small debts still count
Zip Pay, credit cards, and personal loans even small limits all impact your borrowing capacity.
7. Dependents reduce your borrowing power
Children, non-working partners, or even supporting parents can affect how much you can borrow, as lenders factor in living costs. 8. Life plans matter (yes, even future ones)
Planning a family, taking maternity leave, or changing jobs can all influence your loan assessment because lenders are looking at your future ability to repay.

🔑 Key Takeaway Every lender is different, and your situation is more than just a number.
That’s why having a conversation early can help you understand your position, create a strategy, and avoid surprises.

🛠️ Action Steps
  • ✔️ Download your free credit report (Equifax)
  • ✔️ Review your spending habits and direct debits
  • ✔️ Avoid multiple credit applications before applying
  • ✔️ Speak to a broker early to understand your options
📞 Need Help? If you want clarity on your borrowing power and next steps, book a quick 15-minute chat:
👉 https://link.teamos.ai/widget/booking/7qm3GDqWiTMjczOzhMlH

🎧 Coming Up We’re planning a future episode with a credit repair expert to dive deeper into credit files and how to fix them stay tuned!
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