Monday, September 11, 2017

LIar Loans are a $500b problem in Australia

UBS has today expressed concern that up to a third of Australian mortgages could have been granted based on falsified information. They surveyed 900 borrowers last year and found only 67% of responders said that their mortgage was completely factual and accurate. 37% of those getting a loan via a broker said that it was the broker's suggestion to falsify parts of their application. Where people have set up previous loans, 46% found it easier to get their most recent loan compared to previously.

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