How do you guys manage your punting funds?

[grandiarulz]

Hello fellow punters, I'm curious to know how you all manage your punting funds? I'm thinking of applying for a home loan and I know that banks need to look at your bank statements (at least 3 - 6 months), it's obviously going to be a red flag if they see that you continuously take out $300~ cash from the ATM on a regular basis for a punt. So I wanted to hear how you guys who might've been in similar circumstances manage something like this? Or just in general how do you keep your punting funds hidden/incognito from prying eyes like banks, partners/gf/wife, family etc.

[snot77]

random cash withdrawals of various amounts as often as possible

[holi_day]

If the bank ask you just say entertainment. If you worry about your partner, then have a separate account in another bank and have portion of your salary paid to that account

[JuneC]

centalink brah!

[themort]

Hello fellow punters, I'm curious to know how you all manage your punting funds? I'm thinking of applying for a home loan and I know that banks need to look at your bank statements (at least 3 - 6 months), it's obviously going to be a red flag if they see that you continuously take out $300~ cash from the ATM on a regular basis for a punt. So I wanted to hear how you guys who might've been in similar circumstances manage something like this? Or just in general how do you keep your punting funds hidden/incognito from prying eyes like banks, partners/gf/wife, family etc.

I recently did this. I had to keep it all out of my main account.

I paid work expenses on my credit card, which I then paid off out of my main account, but I had work reimburse my expenses to a different account to keep it clean.

[woodland]

I recently did this. I had to keep it all out of my main account.

I paid work expenses on my credit card, which I then paid off out of my main account, but I had work reimburse my expenses to a different account to keep it clean.

that's beautiful. how did you get work to reimburse into a different account?

[Joun23]

No partner/wife/gf and no mortgage is the way

[themort]

that's beautiful. how did you get work to reimburse into a different account?

I just asked.

But it's also my company.

[TJH2]

I recently wanted to refinance my mortgages but didn't action due to this reason: frequent $300 withdrawns from ATMs. Somehow I feel like the broker secretly punts too and would instantly recognise what this is about

[suka03]

i keep it seperate have a term deposit for 3 months. even i had my savings i spend heaps too though my broker didn’t ask too much just seeing my rental expense and my wage. any 3k+ withdrawal at 1 transaction will question me but i explained. holiday expense lol got approved

[schloong]

I pay cash for a lot of things and just withdraw relatively modest amounts at regular intervals. Helps I suppose if you have a small safe at home to stash it.

[fireball]

Currently my punting is funded by my decluttering and selling things on gumtree. All cash.

[hornedbeast]

Always disappointing to 'withdraw'

[someguy88]

Well in terms of the banks looking at your history when applying for a home loan, all they really care is if they can see you have the capacity to afford the loan.

If you can afford the 300 per week with draws and still have enough left to pay off the loan no problem.

The 300 could be for anything, coffees, smoko, takeaway daily/twice daily etc.
If you already do all this via card and an additional 300 is the only thing on cash, might be a bit sus, but they can't prove anything. If your are worried just mix it up, 250 one week 320 the next.

As for partner etc if that is the case, well you just gotta get creative, if she insists on joint accounts, have your pay go to your own account and both agree to transfer a set amount to a joint account/homeloan account. Then use your remaining amount with discretion.

[CharlieM]

C'mon you guys. Have asked the WLs at N5M on various occasions what their customer base is mainly made up of...and its about 80% young Asian punters...the remaining 20% being 10% mature Asian and the other 10% made up of a mix of young and old mixed nationalities.

I would imagine that the majority of that 80% of Asians are pretty cashed up. Some living at home in well paid jobs with little expenditures. Stop crying poor.

[rooter]

... very badly ... I just spend until it runs out ... then take a few days off until the next payday ... then start again YOLO!

[Niceguy11]

I’m with rooter on this. Money that should be going to savings but fuck it. At least it’s better than gambling and having nothing to show lol

[Grissle Piston]

Self employed.
Only take cash for payments.
Simple.

[dgf]

It's "discretionary spending" or "entertainment." There's room on most applications for you to add your own category, on my last one I added "Escorts" at $300/wk to see if anyone said anything... my broker was like "Uh maybe we should put this as "entertainment"" but the bank didn't say a word and we both got a laugh out of it.

The bank doesn't give a shit what you spend your money on, only that you can service the loan. If you're asking how to hide the spending from the bank altogether because you can't service a loan and punting at the same time, then you can't afford the loan.

[themort]

Related: my mate and I frequently have dinner and one pays, the other xfers money back

The game was to see how outlandish the description could get, hookers and blow, smack, AIDS test, you name it

Then BOTH of us had to do mortgage applications almost at the same time. Hilarious

[scotty3d]

No partner/wife/gf and no mortgage is the way

I 2nd this, it' such a 2 speed economy right now

[MrPB]

My grandparents are old school and only know how to use cash, so I withdraw + a bit more for me every now and then.

Feel free to use that if they ask you, but there are a lot of the older generation who only use cash.

[Boomer77]

Hello fellow punters, I'm curious to know how you all manage your punting funds? I'm thinking of applying for a home loan and I know that banks need to look at your bank statements (at least 3 - 6 months), it's obviously going to be a red flag if they see that you continuously take out $300~ cash from the ATM on a regular basis for a punt. So I wanted to hear how you guys who might've been in similar circumstances manage something like this? Or just in general how do you keep your punting funds hidden/incognito from prying eyes like banks, partners/gf/wife, family etc.

Funds from investing in Bitcoin back in 2014…then using non-bank cards like Wise or Revolut for cash withdrawals after transferring from Crypto Exchange….