Matt Hale – 3AW Drive Interview

Tom from 3AW interviews Matt Hale from Rising Tide Financial Services on the effects and consequences of online gambling for young men in particularly footballers, who are drawn to online gambling.

Interviewer: Okay so if you’ve got a gambling account you know maybe you like to bet on the horses or on the footy maybe, I don’t know, you do online gambling something like that, it’s gonna count against you. Now, I can see why the banks are doing this project, it’s gonna make life very difficult particularly for young men – footballers, who are drawn to online gambling. Joining me on the line now, senior financing financial planner at Rising Tide financial services, Matt Hale. Good afternoon.

Matt Hale: Good afternoon, Tom

Interviewer: Okay, well just in general before we talk about gambling, has it got a lot harder to qualify for credit since the banking royal commission?

Matt Hale: Yeah I think it has, it’s twofold, there’s a lot more transparency required but in your case there’s been a big change in the paradigm for people. So where it used to be really easy to get loans, now they’re asking a lot more questions as Debbie, your previous caller, mentioned.

Interviewer: Okay, I mean not on to about me, but what I don’t understand is this bank has known me and my spending habits for the best part of three decades. Why ask questions now, you know, as opposed to, you know, 1992? Not really, I struggle to afford things.

Matt Hale: Tom, I think what’s come out of the royal commission is that there’s been a lot of bad lending practices across the industry and where things used to get written on an application form and not necessarily cross-check, they have now gone 180 degrees the other way and they’ve sort of said: what you put down on your application form is great, but we’re also going to cross-check it with what you’re actually spending.

Interviewer: Okay, now what about gambling in particular? There was a big story in The Herald Sun on Friday and it was spoken about at length over the weekend about the number of young footballers, like, you know, 15 even 20 per cent of every player in the AFL has some sort of a gambling problem. Is the existence of, say, a betting account going to count against you when it comes to getting a home loan?

Matt Hale: Yeah, it definitely in the bank’s eyes refers to what they would call this bad character, but I think one thing to take into consideration is: if it’s an issue at AFL level, it’s probably an issue across the whole social perspective. So we’re definitely seeing it become more of an issue as the transparency requirements from the banks are increased really dramatically.

Interviewer: But you mentioned the phrase, the term there, bad character. Gambling is legal, but does the bank, is it a banking term? What do they actually say, if you gamble you’re sort of a bad person?

Matt Hale: I think the two terms you’ll find often used in banking are character and conduct, and what we’re saying is that it’s things like overdrawn accounts or late payments would be seen to be bad conduct, and therefore it makes it much harder for people to get loans. But, as your previous caller spoke about, afterpay and things like gambling, or large sums of cash out which don’t necessarily make sense in the bank size, is more what they would refer to as questionable character.

Interviewer: Well what if you regularly go to Dan Murphy’s and stock up on slabs of beer and bottles of wine and, you know, bottles of scotch or something as well, is that bad character too?

Matt Hale: Look it’s a really good question, Tom. The banks are quite black and white now, they’ve got really clear categories as to where the expenses lie, and as I said you go through your application and then they’ll cross-check it, and a great example for a lot of young families might be where you’ve got two parents that are at work and if in your application no child care or education costs come up, the bank will dig into that even deeper, so it’s not just about the red wine you buy on a Friday night. It’s about your whole financial life.

Interviewer: And finally, Uber Eats. I wrote an article a couple of years ago for the Herald Sun saying Uber Eats was making Generation X, you know, also Generation Y fat poor and awkward because it’s expensive, it’s calorie laden and it means they have even less social interaction than what they currently have. I mean does the bank look at, you know, Uber Eats and say: why don’t you cook for yourself?

Matt Hale: They were probably more just classified in an entertainment expense, whereas you’re suggesting that if they went to the supermarket and cooked it they could probably do it for half the price. So the bank definitely does take it into consideration, but I don’t think they’re on to fat shaming just yet.

Interviewer: Not yet. Thank you, Matt. Matt Hale, senior financial planning for Rising Tide Financial Services.

This interview first appeared on 3AW

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