What is bank statement analysis?
Everyone has a bank statement, a universal document that contains all of their transaction histories. A bank statement is a valid record of your income and expenses and gives a fair view of your financial health.
Bank Statement analysis is the process of reviewing your statements to assess the level of risk involved in lending you money.
It looks at whether you have an acceptable history in maintaining funds and if you are capable of repaying a loan.
It summarises your spending patterns, level of income and discretionary spending amount at the end of the month.
What does the analysis look at?
We look at the key areas that lenders use to determine your ability to service the loan:
- Income type
- Discretionary spending
- Current debt
- Dishonours
- Collections or fines
- Overdrawn account
- Gambling spending
- Banking patterns
