Skip to content

How Does AfterPay and ZipPay Affect Your Home Loan Application?

Did you know that AfterPay and ZipPay can affect your home loan application? Banks have now applied stricter requirements on lending. Customers applying for home loans are required to disclose what they owe on their AfterPay and ZipPay accounts. This is now part of most banks’ serviceability requirements.

Home Loans

What is AfterPay and ZipPay?

AfterPay allows consumers to make a purchase and receive their goods and services immediately by paying the merchant on the consumers’ behalf. Once the merchant is paid, consumers make repayments back to AfterPay via instalments over a short period of time. ZipPay works in much the same way.

In essence, AfterPay and ZipPay are digital credit platforms that give consumers a temporary line of credit. A line of credit is effectively a type of loan that needs to be paid back.

With the above in mind, if you use these platforms, it is very important to make AfterPay and ZipPay repayments in a timely manner. Additionally, you need to to avoid any fees and charges for late payments. Late or missed payments can affect your home loan application process.

There is no doubt AfterPay and ZipPay are convenient for consumers who don’t have the cash to make upfront purchases. The problem is that they can cause some consumers building up debt quickly.

Banks’ Stricter Requirements

Major banks  are now scrutinising the digital consumer credit by home loan seekers. They want to gain a better understanding of borrowers’ true spending habits before they approve a loan.

This means that when you apply for any home loans, you must disclose your AfterPay and ZipPay account activity under your liabilities and living expenses. As a borrower, you have to disclose all regular repayments. It is your responsibility to declare all your outstanding debts that would affect your credit rating.

You can check your credit rating by obtaining a copy of your Credit Report to see if your AfterPay and ZipPay accounts may affect your home loan application. Find out more about Credit Reports by checking out our home loan blog.

If you are unsure of what the credit requirements are for the bank you have chosen, please speak to your Mortgage Broker for help. The OneSite Finance Team will be able to assist you with all banks’ lending requirements. And if you have AfterPay and ZipPay accounts, don’t forget to disclose this in your Home Loan applications.

Book your FREE Home Loan Strategy Session

See how you can save $500 per month off your current home loan repayments


Share this:
Sign up for our Newsletter
Free Property Profile Report
  • Address for the property you are looking to get a report for
Workshop Registration
  • Please complete this form for each person attending this event / workshop.
  • Please select the event / workshop you wish to attend
  • Tell us a little about your self
Loan Review

Almost there: please complete this form to get instant access to the video series…

Videos From Our Property Masterclass


Free Loan Strategy Session

Complete the form below and we will get in touch with
you very soon to book your FREE Loan Strategy Session