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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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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

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.

What to know before fudging a mortgage application

By Cameron Micallef

March 03 2020
Share

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.

About the author

Cameron Micallef

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