A new report by research company Finder suggests 1-in-8 homeowners were dishonest on their mortgage application, including about how much debt they have.
The figure is significantly lower than another survey conducted by the investment bank UBS which found in its most recent research that 37 percent lied. Nonetheless, it is getting more difficult to lie as lenders are continuously improving their technology and can now source a lot of the information they need automatically without relying on customers to provide it.
It’s no secret that the housing market in Queensland, Australia has been booming over the past few years. But with this growth comes a hidden danger: mortgage application fraud. According to a recent report by the FBI, more than half of all mortgage fraud cases involve lies on the application. These lies can range from overstating income to hiding debt and even lying about occupancy status.
The consequences of lying on a mortgage application can be severe. Your loan may be denied, your credit score could suffer, and you could even face jail time in extreme cases. It’s simply not worth it to take the risk of lying on your mortgage application.
Recent research by Finder suggests that 1-in-8 homeowners have been dishonest on their mortgage applications, including about how much debt they have. This is an alarming statistic that shows just how pervasive mortgage fraud is in Queensland and across Australia.
If you’re considering applying for a home loan, make sure you provide accurate information on your application and don’t try to hide any debts or liabilities. The truth will always come out eventually and it’s better to be honest from the start than risk facing serious penalties down the line.
