A short YouTube monologue by Aaron Whybrow (Diagnostic Finance) advising viewers to review both old and current bank accounts because lenders increasingly examine bank statements to infer living expenses. Aaron recommends auditing accounts (including family/children's accounts), closing unneeded accounts to reduce documentation/workload during home finance applications, and checking transactions to find possible savings or adjustments.
Old and new bank accounts. Now, recently I've done an assessment on how many bank accounts I have access to and what bank accounts my children have and some of the savings plans that I need to have in place going forward. And I found that there is a couple of bank accounts that I don't need anymore. So I'm going to address that very quickly. In the current lending climate, all banks and a lot of the banks are moving to looking at your bank statements so that you can have, they can have an idea on what your living expenses are and depending on how many bank accounts you have, that can start increasing the workload to be able to do the finance for your home. So continually have a look at your bank accounts. Continually having a look at what's in your bank accounts, where they are, what they're doing, who's spending from where, and in turn you'll have a grasp on what's going on. Not only that, if you haven't looked at that for a while, you actually see some transactions that you might be able to adjust yourself on and find that you have more money. So check out your old bank accounts and your new bank accounts and make sure that you've got what you need in place. Hey, it's Aaron from Diagnostic Finance. Enjoy the rest of your day.