澳洲Australia property Naughtiest Loan Application | Sydney


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


What is the naughtiest thing you or anyone you know has done when making a loan application?

Be aware that making naughty applications is a strict no-no and can get the applicant in seriously hot water.  

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In 03, when I had just finished uni and was temping before starting a grad job, had one of those sydney based brokers specialising in purchasing Gold Coast Investment properties write basically a complete false history and ask me to "sign here, here and here".

Despite being incredibly naive at the time in regards to financial matters, still knew enough to run the other way. Didn't actually put it through so not sure if it counts (I never signed the thing).  

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When I first saw a broker I stole an extra handful of his minties when he was out of the room. How is that for naughty?  

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Simon said: ↑
When I first saw a broker I stole an extra handful of his minties when he was out of the room. How is that for naughty?Click to expand...
Boo this man!

Haven't done a dodgy on a loan application before  

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Simon, you wild thang you !!  

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I put on loan application for my 1st IP that my Uncle owned the house and that's why I was getting it so cheap. I new I was getting a good price but didnt want the val to come in at anything less then $380,000 otherwise I wouldnt have been able to loan enough (purchase price was $340,000)

Val came in at $385,000 so I guess it worked :) Nearly came unstuck when the Valuer asked the agent about my uncle!  

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You want people to admit mortgage fraud on a public website? :eek: Brave! ;)

Well... my wife (bookkeeper) got (gave herself) a payrise the week before our finance got final approval, but her boss never came through with the payrise! But that payrise just happened to be the extra income amount the bank needed to get us over the line - very fortunate, that!  

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I'm far too honest so if anything, probably disclose more than I need/should.

Except I do remember with my first mortgage I accidentally lied: 'Do you have any liabilities?... 'No' Forgot about my HECS debt at the time. Didn't realise until a few months after settlement, and was a little bit worried because I had "lied" to the bank. I was a 22 year old naive do-gooder. :eek: Not as bad now, but still no good at lying.  

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apparently i'm a crack dealer, or a people smuggler, or a dole bludger doing cashies, because my mortgage is higher than my declared income.  

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The serious lies are "fraudulent everything". The most extreme I have seen included:

Fake buyer
Fake seller
Forged contract for sale
Forged bank statement
Fake assets and liabilities statement
Fake income evidence
Faked employer.  

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Simon said: ↑
When I first saw a broker I stole an extra handful of his minties when he was out of the room. How is that for naughty?Click to expand...
I once applied for a loan in Simon's name, dont tell him though! :p  

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Token Funder said: ↑
The serious lies are "fraudulent everything". The most extreme I have seen included:

Fake buyer
Fake seller
Forged contract for sale
Forged bank statement
Fake assets and liabilities statement
Fake income evidence
Faked employer.Click to expand...
Surely someone was locked up for this  

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meconium said: ↑
Surely someone was locked up for thisClick to expand...
Saw something on ACA or TT which showed something similar, their was dodgy stuff going on within the bank eg. lending against property which didnt exsist  

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Token Funder said: ↑
The serious lies are "fraudulent everything". The most extreme I have seen included:

Fake buyer
Fake seller
Forged contract for sale
Forged bank statement
Fake assets and liabilities statement
Fake income evidence
Faked employer.Click to expand...
Hi Token,

Are these always "runoff" frauds where they have borrowed against a title that is not theirs but was unencumbered or against a greatly inflated value then left 3 months worth of repayments in account and then disappeared.
When you catch then do u get the much of the money back?

That type of fraud would be professional fraudsters rather than regular investors wouldn't it?

Cheers

BT  

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Ridin-High said: ↑
Saw something on ACA or TT which showed something similar, their was dodgy stuff going on within the bank eg. lending against property which didnt exsistClick to expand...
heheh

Budgets in retail could mean we can sorta bend policy............recent examples where the "saviours" shall rename nameless to protect the innocent

1. BIG paid Telco default. Self employed for barely a year in the trades, with not big turnover, Purchases commercial proprty with 6.2 % rental rtn 1.5 buy price,70 % lend, fails servicing under said lenders criteria by well over 3 k a month. Loan formally approved. So far so good...................client comes to me to try and raise the funds to complete and costs from other assets, needs 110 % lend to make it happen

2. Client comes to us with a large refinance proposal with their choice of lender. We cant get it to work on servicing, fails near 4 k a month on a single PAYG income. A week later client has formal loan approval from said lender...........im impressed.............and confused at the same time. Seems said lenders staff dont take LOCs or cards at limit, but at the current balance.

dozens more broker sob stories along the same lines.

There is a good reason why lenders dont willingly provide delinquency rates to their broker channels on both sides of the fence The broker channels' documentary needs amd approvals are so much tougher than retail, this must have better outcomes.

ta
rolf  

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Token Funder said: ↑
The serious lies are "fraudulent everything". The most extreme I have seen included:

Fake buyer
Fake seller
Forged contract for sale
Forged bank statement
Fake assets and liabilities statement
Fake income evidence
Faked employer.Click to expand...
Sounds like an ideal candidate to sign up, then bundle up with others just like it and flog it off as a CDO to some local government councils as a "high yielding investment". :eek:  

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Recently had someone approach us with a property he was purchasing for $1.2M. He wanted a loan of 105% of the purchase price because he was getting it well below actual market value. He'd even prepared a separate contract of sale especially for the bank stating the purchase price was $2.0M.

We told him that this was fraud and we weren't interested in his business. He told us that we were being 'unprofessional'. :rolleyes:  

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meconium said: ↑
Surely someone was locked up for thisClick to expand...
Still spending quality time in a cell in Perth last time I heard.  

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Bigtone said: ↑
Hi Token,

Are these always "runoff" frauds where they have borrowed against a title that is not theirs but was unencumbered or against a greatly inflated value then left 3 months worth of repayments in account and then disappeared.
When you catch then do u get the much of the money back?

That type of fraud would be professional fraudsters rather than regular investors wouldn't it?

Cheers

BTClick to expand...
No title shennanigans...classic example of a Long Con.

Most of the funds never seen again but suspected to be in a certain Middle Eastern country.  

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Token Funder said: ↑
Still spending quality time in a cell in Perth last time I heard.Click to expand...
I just cannot understand their motivation. What were they trying to achieve with a fake buyer and seller?  

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