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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 29 May 2020

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What to know before fudging a mortgage application

By Cameron Micallef · March 03 2020

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Invest

What to know before fudging a mortgage application

By Cameron Micallef
March 03 2020

Reading:

What to know before fudging a mortgage application

By Cameron Micallef · March 03 2020

Reading:

With real estate markets heating up, property investors who lie to get into the market will likely be caught as tight regulations and banks sharing data make it difficult for dishonest consumers, suggests an industry expert.

Quoting a UBS statistic, MyCRA Lawyers’ Graham Doessel noted 37 per cent of Australians, particularly those getting investment loans, are fudging applications to seem more favourable to a credit provider.

“Chances are, to date, most people will get away with lying, but that’s now changed, as banks are able to see your statements even from another bank when you give permission as part of your loan application,” Mr Doessel said.

Mr Doessel highlighted while it might seem like a harmless crime to fudge a few figures, it counts as fraud, which is a jailable offence in Australia.

He also stated banks are tightening regulations since the royal commission, meaning Aussies who lie on a form are more likely to be caught.

“Since the royal commission into banking, lenders, particularly the big four, have the ability to share information about potential borrowers,” Mr Doessel said.

“It means if you lie about your wage, the bank will be able to cross-check it against your statements; if you lie about your debts, they will be able to check with just about every lender in the country except your local loan shark.”

So, what if you have already lied? Well, you might be okay, provided you don’t fall behind in your repayments or don’t try to refinance.

“Even if you don’t get a 10-year stretch, being convicted of a fraud offence is a real pain in the backside. You might recall the last time you applied for insurance they asked if you’d been convicted of fraud. Well, now you will have to say yes; not only is it embarrassing, it means you won’t get insurance or at best have to pay a much higher premium,” Mr Doessel concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.