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| Name | Banks are catching home loan 'liars' | The Business | ABC News |
| Video Uploader | Video From ABC News (Australia) |
| Upload Date | This Video Uploaded At 05-12-2023 03:10:07 |
| Video Discription | There's evidence of a three-fold increase in 'liar loans' on home loan applications, according to new data. More people trying to break into the property market are either overstating their income or understating their expenses but the banks are catching them out. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2023-12-05/more-liar-loans-as-people-see-higher-interest-rates-house-prices/103167392 The data comes as hundreds of thousands of Australians are about to hit a mortgage cliff, rolling off low fixed rates to higher variable rates, making their home loan repayments unaffordable. With 13 cash rate hikes since May 2022, it's become harder for some borrowers to refinance. Some homeowners who were stuck in a mortgage prison are finding relief as banks loosen the stress tests applied for home loan refinancing. Some lenders, including three of the big four banks, have reduced what's known as the 'serviceability buffer', thereby offering lower rates for some people refinancing. But most don't get that better deal, sparking calls for the same rules to be applied for everyone who needs to refinance. There's fears that without relief, the rates of arrears - that is borrowers missing mortgage repayments - will shoot up, which will in some cases result in defaults and forced repossessions of homes. The refinancing hurdles comes as financial markets bet the Reserve Bank is expected to leave interest rates on hold at its December meeting at 4.35 per cent, giving borrowers a slight reprieve ahead of the festive period. But some economists think the central bank may move again in February when it meets for the first time in 2024. ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia QpgQWqXSchw |
| Category | News & Politics |
| Tags | Australia | abc | abc news | news | Mortgage | home loan | Rates | interest rates | rate hikes | rate rises | reserve bank. Rba | mortgage cliff | mortgage prison | refinance | mortgage buffers | stress tests | serviceability buffers | apra | loans | banks | markets | housing | house prices | mortgage repayments | mortgage debt | business news | finance | finance news | financial stability | mortgage arrears | mortgage defaults | bank repossessions | nassim khadem | lying on home loans | lying on mortgage application |
