I read in the paper on the weekend that new laws are coming in on 1st July 2010? (I think) that gives the lenders the right to scrutinise your everyday tranaction accounts to see where and how you spend your money. For instance if you withdraw amounts regularly from a pub or have an online betting accounts or regularly spend $200 every saturday at your local Westfield shopping centre on clothes or computer games etc. This will then give them the ability to assess you as more of a risk because you are a regular gambler or drinker or a bit of a shopaholic etc.
The article also said that banks will then be able to charge the people they see as more of a risk (because of their spending habits) a higher intrest rate.
Obviously if you are a better prospect you will have a better rate. Apparently this is the norm in other countries.
Sooooooo............. a question ...............
As I rarely carry any more tha $20 on me and pay for everything either on a credit card or by eftpos (everything,bills, shopping, child care, petrol), how do I restructure my accounts and the way I pay my bills and day to day discretionary spending to limit how much a lender can peer into my private life?
Could I just get a seperate account to do all that in, transfer a certain amount per pay period to that account for that spending and then keep that account to myself, or maybe put it into my daughters account (she is 3.5) and use that for day to day stuff?
Some ideas please or comments on this new lending practices.
The article also said that banks will then be able to charge the people they see as more of a risk (because of their spending habits) a higher intrest rate.
Obviously if you are a better prospect you will have a better rate. Apparently this is the norm in other countries.
Sooooooo............. a question ...............
As I rarely carry any more tha $20 on me and pay for everything either on a credit card or by eftpos (everything,bills, shopping, child care, petrol), how do I restructure my accounts and the way I pay my bills and day to day discretionary spending to limit how much a lender can peer into my private life?
Could I just get a seperate account to do all that in, transfer a certain amount per pay period to that account for that spending and then keep that account to myself, or maybe put it into my daughters account (she is 3.5) and use that for day to day stuff?
Some ideas please or comments on this new lending practices.