I'm hoping someone on BH has some bank/lending experience to help with my query.
I'm currently 5 months preg and self-employed. I just recently got a home loan pre-approval and did not declare my pregnancy nor that I would be having any dependent any time soon.
Sure enough, my approval was granted and it is valid until the end of financial year.
DP and I will have no prob paying it off as we have a great deposit and are borrowing a small amount...the mortgage repayments will be less than rent.
We are buying under my name rather than joint names as DP has a number of properties and I am still eligible for the First Home buyer's stamp duty reduction.
If I get a house straight away, it will be fine as I don't even look pregnant (when I go in to sign papers). Baby will be out by May, so if I don't buy until close to end of financial year, my tummy should have gone down such that no one at the bank would be any the wiser.
I'm just nervous about going ahead with this plan...can I get done for fraud by not disclosing my impending dependent?
If worst comes to worst, DP and I can do a joint application...we were just trying to get the first home buyer's stamp duty reduction. Also, DP can pay me a wage from his company so that there are no gaps in my income...so technically I was truthful to the bank re my income remaining the same.