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  1. #61
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    Woohoo....there are some right shonkies in here aren't there? LOL


    Having known
    a person who has been busted for doing what has been suggested on here, I can tell you it’s not worth the long term pain for short term gain. Especially with all the crosschecking technology being used across many institutions. (Why do you think that electoral roll notification keeps turning up every time you move?) The person we know now has a criminal record, could no longer continue in her job and in future should she ever have to get a Police Check for whatever reason, her fraud offences will always pop up, she will always have to explain them and it will never ever go away. This has also had an impact on her employability. That same criminal record also limits where she can travel to and any loans she applies for in the future. Bugger that.

    The current requirements for broking are minimal. (However, this is set to change). Which is probably why you’re coming across brokers who are giving the wrong advice. You have a duty to report them.


    but people who are thinking of doing have to remember that it if you and you partner break up, you will not be entitled to the house (or it won't be sold and split 50/50 etc)


    This is where a lot of people get a nasty shock in a break up. If your name is not on the Title Deed, you are not entitled to the property. Pure and simple. However, you can apply for an interest in it and in order to do that you have to prove that you contributed to the appreciation of the asset (the house) while in the r'ship. For example, if you paid mortgage payments or you performed some duty in kind; eg. you did all the housekeeping or raised the kids etc. Issues such as these are for a Court to decide and it doesn’t always rule in the applicant’s favour. Bear in mind, too, that if you are awarded an interest in the property you may also be saddled with a share of the debts/liabilities associated with it (rates etc) which also tends to provide another shock.



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    blissfulfairy  (09-12-2013),Lauzy  (09-12-2013),Takemehigher  (09-12-2013)

  3. #62
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    Wtf? I realise this is an old thread but I work for a mortgage broker and I am completely shocked at the sh*t people are throwing around in this thread.

    We have not, do not and will not ever lie on loans. And we still process a hell of a lot of applications. We can lose our accreditation and be charged with hefty fines and criminal offences for witholding information. Especially with the strict new compliance laws. Yes there are some dodgy ones out there... But if they will lie on your application then what makes you think they are actually giving good advice?!

    And withholding information from your broker? Well I pray to God you never walk into my office.

    You can not claim the FHOG twice, you cannot claim if your partner has owned a home, you cannot claim if you have owned a property - owner occupied or investment. You can claim if you have owned land before.

    *Happiness is not a destination, it's a way of life*

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  5. #63
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    Zombie_eyes is offline Formerly Diamondeyes
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    Heh. Hi5 bliss


    Mumma to two beautiful boys on the spectrum and one special little girl.

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  7. #64
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    Bliss, we have reported two brokers for underhanded conduct. Once attempted to coerce us into underhanded dealings, the other attempted to lead us into an investment scheme.

    Both were done for breaches of tax law. We understand that such practices are widespread. And I believe that what some of the posters are saying in this thread about their experiences is true.

    ASIC was hopeless but the ATO was very helpful

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    Quote Originally Posted by Caviar View Post
    Bliss, we have reported two brokers for underhanded conduct. Once attempted to coerce us into underhanded dealings, the other attempted to lead us into an investment scheme.

    Both were done for breaches of tax law. We understand that such practices are widespread. And I believe that what some of the posters are saying in this thread about their experiences is true.

    ASIC was hopeless but the ATO was very helpful
    Oh I am sure that it is true about SOME brokers, I know there are dodgy ones out there. Just last month I heard of one not too far away being charged with fraud - fake payslips and the like. But the generalisation that all brokers are like that and that you have to lie to get a loan... well that is complete bollocks.

    I am glad you reported the ones you came into contact with. They shouldn't be in the industry.

    *Happiness is not a destination, it's a way of life*

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    Sorry to pull a bit of a thread necro.

    We'll be TTC at the end of this year - been renting up until now, and I won't be in a position to buy (no deposit, and no real chance of saving one up). While I like the idea of buying one day, I feel that renting will allow us to...above our means, in a weird way - we'll be able to rent a much nicer house than we'd ever be able to afford to buy.

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    There is no law saying you have to buy, it's just a forced saving in a way that's all, if you can rent and save up a bit to put in a savings account it will pretty much be the same. Many families rent esp in expensive places like Sydney. We just bought next to the train line literally 20metres from our back door and not even a house - a small 2br townhouse but that's all we could afford. It's gone up 15% this year I think in 2 years when interest rates go up there will be a lot of people trying to sell for a lot less than what they bought for this year


 

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