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Major Fraud Squad warning of Mortgage Broker Deception

Major Fraud Squad warning of Mortgage Broker Deception

Adam Sanders   Bank Victims   30 July 2013

Allegations against a Perth mortgage broker have been made after a client hit financial difficulty being unable to repay his home loan repayments.

Fraud Squad detectives said brokers and loan applicants can face fraud charges for providing false financial information on loan applications.

Charges could not be laid due to insufficent evidence as wheather the client or the broker had misrepresented the client's income and assets on an application.

But police warned similar investigations in the ACT and NSW had led to prosecutions against mortgage brokers.

The major fraud squad said although no charges were laid over the recent investigation, it highlighted concerns for both brokers and clients including the arrangement of multiple low document loans that borrowers could not afford to repay and misrepresenting a borrower's financial position in a loan application.

Police said both brokers and clients could be held accountable and needed to ensure an applicant's financial position was not falsely inflated.

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