• NEARLY one third of all Australian mortgage holders say they lied on their loan application, a bombshell report has revealed, raising fears of “systemic” misrepresentation across the housing market.

In an anonymous survey of more than 1200 Australians who have taken out a residential mortgage over the past two years, investment bank UBS has uncovered an epidemic of “liar loans” despite tougher lending standards imposed by the banks.

The study found 28 per cent of mortgagors said their application was “not factually accurate”.

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PHOTO SOURCE: NEWS.COM.AU