Casinos are notorious for their bright lights, cooled air conditioned environment and of course, their cunning ability to deprive you of your hard earned money. But in today’s society the negative ramifications of a gambling habit are widely understood. I’m sure I’m not the first to tell you that you can lose more than just your money at the casino. But have you ever considered that you’ll likely lose your chance at being approved for a loan as well?
It’s a reality today that securing a home loan can be extremely complicated, particularly if you’re hoping for a first home buyer loan. The recipe for success is determined by more than just your spending habits. It can be determined by what venues you deem suitable to spend your money at. If your bank statements illustrate a story of someone who could potentially have a habit for gambling you can potentially kiss your chances of a home loan goodbye.
Imagine a couple taking out cash from an ATM at Crown to pay for their Saturday night dinner date. Is this money truly for their dinner? Do they really expect us to believe that they need to pay for their culinary dining experience in cash? Lenders will be all too quick to assume this cash withdrawal was intended and used for gambling purposes, particularly if there’s a pattern, then it’s bye bye home loan.
Next time you need cash make sure you don’t take it out from a Casino or from a hotel containing Pokies. Even if you used the money for shopping or dining don’t take a gamble on your chances for a home loan.