It can be a fairly daunting thing to fill out an application for a home loan because even though it's the 'great Australian dream', it's a hell of a lot of money that you're locked into repaying.
But when you finally get to that stage, you have probably spent months or years saving a boatload of cash for a deposit and checked every real estate website every week to find the perfect property.
Imagine going through all that and then sitting down with the bank for a lender to say your bank history is...questionable.
Advert
You'd question the accusation and wonder what could possibly be lurking in your statements that could delay a home loan.
Well, Domain reports that if you've sent or received money to or from your mates for things like dinner or movie tickets with hilarious captions like 'coke bender' or 'strip clubs', then banks might delay your application.
Chris Foster-Ramsay, principal finance broker at Foster Ramsay Finance, has told the property site you should probably stop using jokey labels to send money.
"If that person happens to be in the property market at that time, the bank's going, 'Hang on, what's this?' Particularly if there's $50 here or $50 there," he said.
Advert
"[Banks ask,] 'Is it adult entertainment?'... If that happens over a period of time, the bank is picking up on it. Bank statements are a legal document. You have to be semi-serious about it. As fun as it may be, it's not advisable to be creative in the transfer text."
Domain says that banks will even scrutinise how much you're spending on things like UberEats or Netflix to see if you're using your money correctly.
The crackdown is believed to have been sparked from the Banking Royal Commission, which looked into the way some lenders handed out money to people and whether those practices needed to be tweaked.
Advert
Thankfully it seems like labelling transactions as drugs or sex acts won't stop you getting a home loan, it will just delay the process while the bank sorts through each transfer.
40Forty Finance director Will Unkles also told Domain: "I've seen everything [on bank statements], from things that are pretty outlandish, to things that are 'dinner'.
"It is something that's going to hold up the process but it's not something that's going to mean you won't get a home loan."
So next time you're thinking of sending a money transfer with 'cock for cash', just don't.
Featured Image Credit: aag_photos/Creative CommonsTopics: Interesting, Community, Australia