Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Major banks investigating mortgages backed by dodgy foreign income

Notify me of new replies via email
Australian Broker | 10 May 2016, 08:22 AM Agree 0
Two of Australia’s major banks are investigating mortgages that have been backed by questionable foreign-income documentation
  • Regional Broker | 10 May 2016, 09:55 AM Agree 0
    OK I accept that some brokers may have been involved in a small number of cases, this article to me is unbalanced, are the banks investigating their own internally generated deals by their lending staff and mobile lenders if not why not?
  • | 10 May 2016, 11:09 AM Agree 0
    We'd like to think the industry is cleaned up of dodgy brokers but sadly that is not the case.
    Last month I was approached by two people who said their broker had put them down as single with no children, to increase their borrowing power! One is not struggling to make his repayments! How could these brokers sleep at night!!
    Another one who told me off for asking for his passport and his PR, because none of the other 10 brokers he had spoken to had asked for it!!
  • A Broker | 10 May 2016, 02:53 PM Agree 0
    Great news and if the banks are actually serious about this they will wipe out plenty of brokers that ''specialised'' in this fraudulent space. They should all be expelled from the industry and jailed.

    I know of a case that involved extraordinary volumes over many years ,and once caught, the broker voluntarily cancelled their accreditation with a particular bank and everyone (bank, aggregator and broker) just moved on. I believe that broker is still in the industry today.
  • Adam Chase | 11 May 2016, 03:10 PM Agree 0
    That's really great! If banks get success in investigating fraudulent brokers, it will be a major relief for all investors.
Post a reply