We’ve all done it. It’s a hell of a prank, the ultimate joke. The absolute scenes when a mate asks you to fling them some money for dinner or beers and you chuckle to yourself before labelling the $20 transfer as “Dildo Heaven”, “Rusty Spoons” or “Warwick Capper Weekender”. Well, it turns out that those cheeky little names for money transfers can probably ruin your chances of landing a loan when you actually need some hard cash.
As per Domain, banks and other lenders are becoming wary of giving the big OK for things like home loans when our financial history is filled with money being paid out under labels of sex work or drugs, when in reality we’ve just been sending a fifty over to a friend for a share in a slab of beer or last night’s takeaway.
Mortgage brokers have said that bankers definitely do notice all the money that comes in and out of our accounts when we apply for Serious Adult Things™ like a home loan, to make sure that we can afford the repayments. And when our transactions are masked with in-jokes and lighthearted pranks, well it doesn’t really reflect well on our credit scores.
There’s a whole other kettle of fish about sex work discrediting someone from obtaining a home loan here but good lord knows I’m not going to get into that because it’s a rant for another day, but let’s just say that sex work is real work (and sex workers are probably the last people banks should be worried about missing repayments, let’s be real.)
Anyway, when you go to send a mate some dosh for your dinner this weekend, maybe think twice about labelling it as “Coins For Caps”, “ISIS”, or “BIG FUCK MONEY” because I can guarantee you that it’ll turn around and bite you both in the ass eventually.
“Good Clean Cash”, “Money For Mum”, and “Puppy Treats” are probably still okay.