Money is no joke, but transferring money back to your mates is.
Every time we have to pay a friend back for dinner, or a birthday gift, or the uber home that one night we got way too plastered, we have a bit of fun with it.
Some of our favourite transaction labels include “for the sex” and “nice bum.”
Mum, if you’re reading this, there was no sex had nor nice bums seen – we just like having a joke.
But it turns out these jokes can land us all in hot water when it comes to getting a home loan, especially with the bigwigs who are in charge of approving loan applications.
When we apply for a loan it’s someone’s job to examine our transaction history.
According to Domain, mortgage applications have been knocked back in the past due to overuse of Uber and Uber Eats, subscription service debts like Netflix fees and, more recently, the concern that home buyers are spending too much money on ‘sex workers’ – when in reality the money is being spent on dinner.
Awkward.

Joke transaction labels are “maybe not the best idea, says Chris Foster-Ramsay, principal finance broker at Foster Ramsay Finance.
“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.
“[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,” he added. “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.”
It’s all fun and games until you need to borrow a loan.
Note to self: no more joke transaction names.
Images: Getty.
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