Let’s take coffee as an example.
Do you like to buy coffee everyday? Of course you probably do. Coffee is an everyday all year round drink.
If you buy 10 coffees per week?
You pay (cash) for your coffees VS your wallet is empty so you swipe payWave/PayPass Card - easy.
Here’s the thing: Banks look at your spending habits through your statements. When you pay cash it’s doesn’t show on your statement (what you are spending your money on). When you use payWave or PayPass it shows on your statement. That you are buying coffee regularly / dining out regularly / buying clothes regularly. And possibly exceeding your regular spending, which in turn can affect your chance of getting a home loan. Make sense?
The banks now look at THREE months of your transaction statements to determine your living expenses. Which means... before you apply for a loan consider your spending carefully. Because sometimes? People underestimate what they really spend.