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  1. #41
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    Quote Originally Posted by Pesca77 View Post
    Surely a broker could face charges for deliberately falsifying financial documents provided to a bank??
    Maybe., but how will a bank know? They come to your house a do an inspection? No way. And it's no different to getting a loan when you're single, then getting a partner and having a kid the year after. A loan is for 30 years, a bank knows your circumstances will always change. It just needs to work on their system to approve a loan.
    If no one did it, no one would get a loan. Cocktailbubba and me are now happily in our homes and paying our mortgages, what do the banks care?

  2. #42
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    I was completely honest about my situation and I still got a loan, it is ridiculous to suggest if no one lied that no one would get a loan.
    This thread is quite an eye opener..

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  4. #43
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    Quote Originally Posted by MothersMilk View Post
    I was completely honest about my situation and I still got a loan, it is ridiculous to suggest if no one lied that no one would get a loan.
    This thread is quite an eye opener..
    I was generalising ofcourse.

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    I realise that but you make it sound like the done thing, that most people do. That is a bit shocking to me, maybe I'm just too honest.

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  7. #45
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    We bought our first home about 2.5 years before we had our first child.

    I think it's ideal to buy before you have children, if you can. Not because children cost that much in themselves for the first few years, but because unless you both keeping working full time, you will have a drop in income after children.

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    Quote Originally Posted by MothersMilk View Post
    I realise that but you make it sound like the done thing, that most people do. That is a bit shocking to me, maybe I'm just too honest.
    Yeah probably!! lol I don't know your situation, but yeah alot of families with kids find it impossible to get approved because of the dependants, if they have 1 income, 2 dependants, a credit card and a car loan, even if they can easily afford a home and have a good deposit, the banks will reject it, and its not a person rejecting it, its the computer lending system. So if you leave a couple of things out and get approved, what's the harm? You have 1 child and no credit card, the bank will not look you up or chase you down surely. It's quite different to defrauding a government I think
    It's a bank, they rob us everyday

  9. #47
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    This thread is evidence that one should be very careful with brokers, particularly any advice they dish out about tax, family law or grant entitlements. If I had a dollar for every time I had heard "but my broker said...". A broker is great to compare loans and help you fill out forms and liaise with the lender, but I wouldn't go much further than that.

    It's not very onerous to become a mortgage broker. there are some great ones, but some of them are just dishonest and negligent.

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  11. #48
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    Default Rent or buy

    Quote Originally Posted by Pesca77 View Post
    Really?! That's quite amazing, they are risking their jobs, not to mention criminal charges. I can't believe so many would willingly do that.

    On another note, can you forward me some contact details, I'm having trouble myself
    Yes our children are DP's also and yep legally they should have been listed but if they were our borrowing capacity would have dropped a lot.

    At the end of the day it's the borrower who signs the dotted line to say that all the details are correct so the broker gets let off. Also brokers don't have access to as many systems as banks have that can check for credit card and personal loan debts.

    We came across some really really dodgy brokers - where abouts in melbourne are you? The lady who ended up doing our loan is in Oakleigh. Feel free to PM me if you like

  12. #49
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    You should never lie on a bank application form. I work in the industry, trust me if it doesn't burn you the first time around it will! If you have left off personal loans or credit cards with other institutions just remember they will run a credit check on uou. When it shows that you currently have more debt than you originally declared you become a liability to the bank & they will take into consideration whether or not they want to lend to somebody who hasn't been truthful about their financial situation. Be honest with who is doing your loan docs as they will know the best way to word any potential areas that may cause concern without doing any damage.

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    This thread is definitely an eye opener.

    Can i ask if anyone has consolidated other debt into their mortgage when they have purchased a home? We currently have a personal loan and we couldn't pay both the loan and a mortgage but if we were to roll the loan into a mortgage we could afford the mortgage repayments plus more.

    ETA i have been told in the past that this wouldn't be possible unless we had a massive deposit.

    Sent from my GT-I9100T using The Bub Hub mobile app
    Last edited by munchkin275; 05-12-2013 at 10:01.


 

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