Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
Financial planners listening will be like, oh.
But, you know, the reality is that's the truth because you're paying capital gains tax and, you know, timing markets, et cetera.
I massively believe in dollar cost averaging, which I'm sure you've covered on your show multiple times.
So if it was Klarna and you were getting a mortgage through CBA, they'd be like, yay, but if it's after pay or zip money, probably not.
And we have had clients who
that have got it's a close decision for credit right it's maybe that's very tight on servicing which means they generally would do the loan you know you don't need to have a lot of be borrowing well within your limit you know banks have a calculator for a reason but they may have um just poor credit behavior taking out lots of sort of short-term credit credit card recycling to get free travel points you can't use all those sort of things if you're in that sort of
person the bank know that you know the credit report reports that and then if you've got after pay and zip money um there can be a decision where credit may say you know what we just don't like you as a customer you're you're a bit of a player i guess of the banks um and that's where we have had clients declined in that situation i'm not a fan of those products anyway i just don't think they're just buying into consumerism and short-term credit um
and the benefits are very minimal at best.
And so I think it, you know, I'm just not a fan.
No, I mean, the banks will probably want you to believe that, and they're probably doing marketing out there to tell you that you need that credit card to get the mortgage, but I don't think you do.
The other thing I want to be careful here is that a debt of $1,000 with ZipMoney,
or after pay, if you don't declare that on your bank application, it becomes an undisclosed debt.
And that's a big tick in why the bank will decline your loan.
Undisclosed debts means that you're not telling the bank the truth.
And it's one of the easiest things for the bank to check on what you've got out there.
Those do pop up on credit files.
And so if you don't disclose that account, you're basically shooting yourself with a mortgage application.
Hence why we do a credit check on our clients before we lodge any application because we never want to undisclose debt declining an application.
I don't think you need to take out credit cards or car leases or anything to get good credit history.
It's not an American point scoring system.
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