When one is borrowing for property, does one have to give all asset details ?
What I mean, is it ” fraud ” if one says 3 IP’s instead of 7 IP’s in the assets part of the application. Or even no properties when one has a 130 ?
Is there a law that state one HAS to show all cards on the table ?[?]
MichaelYes as you are lying on the application. (Read
the fine print of contract)
also I think you can save a tonne on mortgage
application fee and monthly fees, if you own
shares of the institution which you are borrowing
from. I think with some just 1 share is enough.
Now a days you can buy online shares for a charge
as little as $15 + SHARE COST. Better than paying
$500 – $800 to admin/application and also monthly
fees if you have a good money saver offset loan.Depends.
Lenders are really looking at your net position for credit risk purposes, instead of your assets under the mattress so to speak, so providing you are disclosing all of your liabilities accurately and your loan services, I believe you can leave assets off. I’ve never had to do an application for someone with 130 properties yet so I’ll let you know!! Truth be told most people with that many have them split into trusts or something similar where just the info for the trust and trustee is provided.
Cheers,
MelSo this ” fine print ” states one MUST disclose ALL assets ? Even overseas ?
[?]
MichaelYes. (generally – for full doc loans)
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
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