Data from the Finder survey involving 1114 respondents showed that at least one in eight people lied on their home loan application forms, with 310 of the respondents holding aIf the ratio was applied to the wider population, it would equate to 429,000 mortgagors admitting they had falsified their details during the home-buying process.It was also found that 4 per cent of the respondents admitted to lying about their income and the debt they still owed in their home loan applications.
“While the lies might go unnoticed - the financial burden of an unaffordable loan could create a lot of stress.” “While small inaccuracies may not be the end of the world, if a lender finds a big discrepancy in the figures you’ve given them or you’ve outright lied about your financial position, the consequences could be severe.
Despite soaring interest rates and inflation, property values have continued to trend downwards across many of Australia’s capital cities.Whitten also advises aspiring homeowners to be honest about their income and to disclose all loans and credit cards when applying for a home loan.Additionally, he warns that those who are caught lying could get their credit score affected, or their loan called in.
Banks allow the lies just so they can sign up another home loan and get a fee.
Actually does not matter if the EMI are paid on time. Rules are guidance and not the law. And banks still have the right to offer or refuse on application. We have more people lying for the dole than for a loan..lol
Nooooo 😱
People lie on their resumes too
It should not take a survey to determine this. All facts should have been checked by the financial institutions.
Is that surprising to you lmao
You probably find that with rentals too, but it shows you something needs to change with this HousingCrisis housingmarket its sad people will do this but true isn't anyone checking important details banks should be looking at to get these homeloans
Not me. I paid cash for my pad.
So the banks or other lending institutions don't bother to check
So what's new
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australian families to face a gas price hike despite the government's energy price cap | 7NEWSMany families who managed to escape an increase in their household gas bills earlier this year are now facing a hike on Wednesday. Despite the government's energy price cap three major providers are free to crank up costs for customers. 7NEWS Should be an abundance of this resource in Australia. It should be dirt cheap to power homes and industry until renewables are in a position to replace gas. Both industry and political mismanagement has landed us here and there is no silver bullet that fixes this now. Total FU! When will we learn that the government never lies to us.
Source: 7NewsSydney - 🏆 16. / 63 Read more »
Aussie beast Rhea Ripley makes more history by winning WWE’s biggest match🇦🇺 🇦🇺 🇦🇺 RheaRipley_WWE makes MORE Aussie wrestling history! WWEAustralia RheaRipley_WWE WWEAustralia W T F are you doing Fox. We're halfway thru a Giddey doco and you cut to a SportsCentre RheaRipley_WWE WWEAustralia I'm....didn't win shit it's fake......meanwhile the world's most prestigious supercross series is taking place, we have 2 Aussie brothers who are kids who are multiple title holders and fix can't report on one of the most exciting forms of motorcycle racing there is RheaRipley_WWE WWEAustralia Yes
Source: FOXSportsAUS - 🏆 24. / 51 Read more »
An Adelaide cancer patient is calling for a miracle drug to be subsided | 7NEWSA cancer patient forced to fork out thousands of dollars a week to stay alive says she is close to breaking point. The mother of two is calling for the miracle drug to be subsidised, potentially saving thousands of lives. 7NEWS at 6pm | 7NEWS AlboMP get on this quick smart for crying out loud 👏👏👏 Done Another colossal failure by pharmaceutical companies and our 'prestigious' leaders 🙄
Source: 7NewsSydney - 🏆 16. / 63 Read more »
Dominic Perrottet & Chris Minns announce education policies ahead of the 2023 state election | 7NEWSThe NSW premier and opposition leader are competing head-to-head in the polls, but today they outlined almost identical plans to improve education standards. Schools are becoming a focal point for the upcoming election. nswpol 7NEWS Neither have a plan to solve massive teacher shortage. Pay us more, improve our conditions or enrolments in teaching degrees will worsen and the exodus will continue
Source: 7NewsSydney - 🏆 16. / 63 Read more »
New requirement for streaming services to show and make Australian content is ‘positive’Former Labor Senator Stephen Conroy says the new requirement for streaming services to show and make Australian content is “positive” for Australian culture. “I think that’s a positive thing,” he told Sky News host Andrew Bolt. “That levels the playing field and it ensures that Australian stories and Australian culture has a place going forwards. “So I have absolutely no difficulty with that.” I'm with Conroy. I see absolutely no problems with having more Australian programs on things like Netlix and Disney+. I see this as a VERY good thing. It'll be nice to share some stuff with the rest of the world. I need someone from australia to help me I have a deal in australia but I can't manage it my self I need a friend to help me . Anyone inbox me a special gift after finishing this deal please . Less talk And yet they’ll likely tell govt to fuck off!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Government to force streamers to make Aussie shows, moviesStreaming services will be forced to spend money on local shows and movies in Australia under a new proposal by the federal government. 9News The way TV - on any medium - is heading, why would you want to watch it anyway Lest bring on the threats until they pull out of australia Please no. Most Australia shows are reality crap. I stream to avoid Australian TV.
Source: 9NewsAUS - 🏆 10. / 72 Read more »