The Premium Debate: Why are banks 'going through statements with a fine tooth comb'

Banks will be looking a lot more closely at spending habits. Photo / Getty Images

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Revealed: Why are banks 'going through statements with a fine tooth comb'

How is it up to banks to check the way I live. What's next, looking at your diet or putting a speed monitor in your car? They make a massive profit every year.
- Ian U

If you can't afford the mortgage you have to sell or the bank takes it off you. Good incentive to get out and work.
- Anaru B

If people need help differentiating between what they "want" and what they "need" to spend their money on, then if the bank is happy to point those things out, why not. If people genuinely feel able to take on a loan, it's up to the lender to do due diligence on the ability of the borrower to service that loan.
-Leigh H

This legislation was supposedly brought in to safeguard against loan sharks in places like South Auckland but due to massive overreach by Jacinda and co, it will have a chilling effect on any loan applications going forward. Think of Jacinda when you get frustrated with your bank next time you want a loan.
-Darren B

This is just part of the great impost of legislation this Government has put on businesses of all types since 2017, following their usual change-for-change's-sake approach, delivered at the speed of light. Imagine if they improved ICU care and vaccination rollouts as efficiently.
-Ray S

Carry cash. Use cash. Don't let them ever ban cash
-David L

Oh good grief ... what the heck is going on here? Nekminit they'll want to know how long our showers take and how many pumps of shower gel we use per wash. I can't wait to get back to Australia. There's a lot not right over there, but buying a home in South Australia at least is a piece of cake compared to this rubbish.
-Rosina H

I run multiple bank accounts. Things like how many coffees and sausage rolls I buy in a week are purchased through one account, are called cash and are my business only. All personal spending is declared but not in minute detail. If bank A doesn't like your loan application then try banks B, C, D, E, F. It's simply supply and demand. Banks don't make any of their absorbent profits unless they lend you money. If you are finding it hard to get a loan now, try again later.
-Craig W

Next it will be asset accretion tests, so keep all those receipts. I wonder how far along they have got with gift duty?
-James B

So instead of trying to get people into their own houses they now trying their best not to. I'm sure this is another Labour plan, who are so far apart from real life it's ridiculous. If someone spent $700/week on a rental and the bank checks if their payments were met weekly then surely they will meet their obligations to pay the same amount on a mortgage even if they keep on eating out five times a week. Just another communist rule. Fact is the NZ house market is in shambles and surely in the top five of the highest cost per sq m in the world. Why is that? Same as our crooked health system, infrastructure.
-Francois N