{"id":34523,"date":"2021-09-12T09:15:04","date_gmt":"2021-09-11T21:15:04","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=34523"},"modified":"2021-09-12T09:15:04","modified_gmt":"2021-09-11T21:15:04","slug":"liar-loans-on-the-rise-as-risky-mortgages-drive-house-price-boom","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/liar-loans-on-the-rise-as-risky-mortgages-drive-house-price-boom\/","title":{"rendered":"&#8216;Liar loans&#8217; on the rise as risky mortgages drive house price boom"},"content":{"rendered":"<p><strong>PHOTO: Based on a survey of around 900 borrowers, UBS estimates that 41 per cent had inaccurate mortgage applications. <cite class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _3gxdk\" data-component=\"Figure__cite\">(<\/cite>ABC News: Elise Pianegonda<cite class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _3gxdk\" data-component=\"Figure__cite\">)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">Australian home prices have surged almost 20 per cent over the past year, and investment bank UBS has warned that a record level of &#8220;liar loans&#8221; as buyers &#8220;chase\u00a0the market&#8221; could be one reason why.<\/p>\n<section class=\"_1uHEE _2Mryn _2X-83 g1U-R v-gc3\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"wYJvU _1o1Da _1cBaI _2yZBa _18377 _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_1PvbE\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">A record 41 per cent of loan applications contain factual inaccuracies<\/li>\n<li class=\"\" data-component=\"ListItem\">The most common fudges are under-representing living costs and financial commitments<\/li>\n<li class=\"\" data-component=\"ListItem\">The banking regulator says it has seen &#8220;no obvious poor-quality lending&#8221;<\/li>\n<\/ul>\n<\/section>\n<p class=\"_1HzXw\">The bank&#8217;s annual survey of around 900 people who took out a mortgage over the past year showed that 41 per cent submitted loan applications that were not completely factually accurate \u2014\u00a0so-called &#8220;liar loans&#8221;.<\/p>\n<p class=\"_1HzXw\">That is a record high in the seven years UBS has collected this data, up from 38 per cent last year and 27 per cent back when the survey started in 2015.<\/p>\n<p class=\"_1HzXw\">It is noticeable that there was a brief dip during the banking royal commission hearings in 2018, at a time when the banking and financial regulators were also cracking down on risky lending.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"100453304\" data-component=\"Figure\" data-uri=\"coremedia:\/\/image\/100453304\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_1sqAO WIJbJ\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/0c990e2968ef8637ae44a00d64c6657a?src\" sizes=\"100vw\" alt=\"Graph showing proportion of liar loans each year since 2015.\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"100453304\" class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _1WKJ_\" data-component=\"Figure__figcaption\"><em><strong>Now in its seventh year, the UBS liar loans survey showed a record proportion of factually inaccurate mortgage applications.<cite class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _3gxdk\" data-component=\"Figure__cite\">(<\/cite><\/strong><\/em><em><strong>Supplied: UBS)<\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n<p class=\"_1HzXw\">While the majority of those who fudged the figures said their applications were &#8220;mostly factual and accurate&#8221;, just under a third of those who lied to their bank said their application was only &#8220;partially factual and accurate&#8221;, holding at a record high.<\/p>\n<p class=\"_1HzXw\">The most common areas of inaccuracy were under-representing living costs (34 per cent), under-representing financial commitments (28 per cent) and over-representing income (22 per cent).<\/p>\n<p class=\"_1HzXw\">Worryingly, the size of the misrepresentations also went up in 2021.<\/p>\n<p class=\"_1HzXw\">Of those who overstated income, 36 per cent did so by more than a quarter.<\/p>\n<p class=\"_1HzXw\">Likewise, 39 per cent of those understating living costs did so by more than 15 per cent.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"100452370\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/100452370\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_1sqAO WIJbJ\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/c16d7358aa74702fecdc5d49dd89e5f2?impolicy=wcms_crop_resize&amp;cropH=1080&amp;cropW=1620&amp;xPos=150&amp;yPos=0&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"Four photos of properties are placed in a grid, with a red silhouette of a house saying 'SOLD' and a key.\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"100452370\" class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _1WKJ_\" data-component=\"Figure__figcaption\"><em><strong>Australian house prices have posted their biggest increase since 1989, jumping 18.3 per cent over the past year.<cite class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q _3gxdk\" data-component=\"Figure__cite\">(A<\/cite>BC News)<\/strong><\/em><\/figcaption><\/figure>\n<p class=\"_1HzXw\">UBS said the rising risk of home lending fuelling the current property boom was\u00a0best captured in a record rise in &#8220;very high&#8221; debt-to-income mortgages \u2014\u00a0where the borrower owes at least six 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&rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":34524,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478108095,478113992,478117533,478111274,478104256,478116733,478109970,478100944,478117242,478117950,478110823,478098521,478117949,478098722,478098519,478098535,478117948,478107148,478100131,478098513,478098873,478098579,478098510,478098514,478098511,478098509],"class_list":["entry","author-data123nz","post-34523","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian","tag-australian-apartments","tag-australian-auctions","tag-australian-banking-association","tag-australian-banks","tag-australian-dwelling-values","tag-australian-home-lending","tag-australian-home-prices","tag-australian-investment-property","tag-australian-loans","tag-australian-mortgages","tag-australians","tag-financial-commitments","tag-home-lending","tag-home-ownership","tag-house-prices","tag-investment-bank-ubs","tag-liar-loans","tag-loan-applications","tag-property","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&#039;Liar loans&#039; on the rise as risky mortgages drive house price boom - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/liar-loans-on-the-rise-as-risky-mortgages-drive-house-price-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Liar loans&#039; on the rise as risky mortgages drive house price boom - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Based on a survey of around 900 borrowers, UBSRead More &rarr;\" \/>\n<meta property=\"og:url\" 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