In all NSW / VIC courts
Specialists in Criminal Law
Connect directly with us
Liar loans are mortgage loans approved with little to no income documentation. Their name stems from the approval process relying solely on the borrower's word without verifying financial records.
A liar loan falls under the category of mortgage loans that necessitate minimal or no documentation of income. These loans earned the nickname “liar loans” because lenders approve them solely based on the borrower’s statement without verifying income and assets through payslips, income tax returns, or other records.
Lenders routinely question applicants to determine their ability to repay a loan. Misrepresenting details on a loan application might seem like a viable option for those anxious about securing approval, but it can result in substantial complications down the road. If a lender uncovers any discrepancies in the application, they will likely decline it. Conversely, if the lender doesn’t catch the inaccurate details and approves the application, the borrower could end up with a loan that’s beyond their means to repay. Should they default on the loan, their credit rating and any collateral offered will be jeopardised.
Should mortgage brokers be discovered submitting deceptive details in loan applications, they may be subjected to legal repercussions by the Australian Securities and Investments Commission. For example, in 2013, a former mortgage broker in Sydney was found guilty by the District Court for providing banks with misleading statements and paperwork, successfully obtaining home loan approvals amounting to almost $7.5 million. The broker was sentenced to two years of incarceration, to be fulfilled under an intensive correction order.
At KPT Defence Lawyers, we are here to:
1.Advise any grievances related to a mortgage broker.
2. Assist in mediating a settlement for your conflict.
3. Stand by your side during any subsequent legal battles with a mortgage broker.
A liar loan is a mortgage or loan application that includes false or misleading information about the borrower’s financial situation. It can lead to fraud charges if the deception is discovered.
Consequences may include fines, repayment of the loan, foreclosure, and potential criminal charges for fraud or misrepresentation.
Recently, our Partner and Accredited Specialist, Paul Blake, appeared at Burwood Local Court for a bail application for
The advancement and sophistication of technology has generated contentious debate about whether robots can displace the jobs of
In 2020 alone, more than 200 Australian’s have collectively paid more than $1.3 million to watch live videos
Buried in the Commonwealth Criminal Code is the lesser-known offence of “Dishonestly cause a risk of loss to
The law in Australia, as in other common law countries, comes from two sources: legislation enacted by parliament
In Queensland, the sex work industry is pointed on the edge of a ground-breaking transformation as the government
The famous slap by Will Smith has been a hot topic of discussion, which exploded over social media
Introduction Brian Houston, founder of the Hillsong Church, was charged in August 2021 with an offence of concealing
Level 1, 370 Pitt St Sydney NSW
02 9267 5555
Level 4, 87 Marsden St, Parramatta NSW 2150
02 9267 5555
Suite 15, 49 Park Rd, Cabramatta NSW 2166
02 9267 5555
© 2024 KPT Legal. All rights reserved | Terms & Conditions | Sitemap | Privacy Policy
