A survey has found Australian homeowners lied about their personal details to secure a home loan. 7NEWS
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.
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