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a friend and a house

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a friend and a house

Postby soon2bayummymummy » Sat Nov 03, 2007 11:12 pm

Ive got a friend and was wondering he's gonna apply for a house loan through aussie or something like that who comes to your home, he was planning on not telling them all the bills he has like some credit cards etc but was gonna say some of hs debt,
my question is can they found out by looking up your name and details what loans, cards etc u have or just ur credit rating? and what happens if he gets caught out like can he just say ' it slipped my mind' kinda thing? im kinda worried for him like he i know he can afford to pay the house but yeah. if u have any help or websites he can go to befor he does it then thank u.
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Postby loveat116 » Sat Nov 03, 2007 11:25 pm

They have some calculators at

Im pretty sure its illegal not to tell your bank how much you are in debt.

And if you are in debt by a lot, I think buying a house should be the last thing on your mind. Your friend could get in a lot of trouble, make sure he declares all his debts! If he earns enough he could prob still get the loan.
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Postby Mandie » Sat Nov 03, 2007 11:36 pm

i'm not sure, but i'm pretty sure they can find out, and it would be a massive legal thing if they found out afterwards...

tell him to be honest!

and to get out of debt before he considers buying anything!
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Postby electrongirl » Sat Nov 03, 2007 11:44 pm

They can't find out what debt he has. When a company does a credit check on you, the credit report will show everytime a company has performed one. This includes anytime you have applied for a:

Credit card
personal loan
Mobile phone contract
Interest free arrangement

It can also show ongoing credit agreements you have with companies.
Eg: I have a Citibank Credit card and they update my credit file each year to say they have an ongoing credit arrangement with me. But not all companies do that.

The bank will not do anything if they find out he has more debt than he stated, however, if he signs a contract stating that he was trueful in what he told the bank, and then it ever comes up that he wasn't, the contract could be considered null & void, and that could become bad if there is ever any payment problems with the mortgage etc.

Its never a good idea to lie about that kind of thing, especially taking on more debt.

Trust me I know from personal experience, it can become a spiralling problem.
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Postby kate_turner2000 » Sun Nov 04, 2007 6:55 am

a credit reference check with VEDA advantage will show any credit inquiries in the past 5 years however it is in your friends best interests to disclose any creditors so as the mortgagee can make an informed decisions in regards to his credit worthyness. further to this with rising interest rates and record levels of mortgagee possession there is a distinct chance that if your friend cannot maintain repayments to the mortgage the property will be repossessed and sold and your friend will be liable for the balance of the mortgage and associated costs.

theres a thing called disclosure and creditors arent silly. he has a responsibility to tell them what bills he has got.

that has been dictated to me from Mick who works for a law firm that chases people who do not pay their bills LOL. if you want to know anything else let me know :)
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Postby Jisgone » Sun Nov 04, 2007 9:23 am

banks can find out everything down to the colour of his underwear :P
it would be a very bad idea to lie ecause if he gets caught the bank can legally cease his loan and sell his house to make the money back
a home loan is way to big a thing to lie about, if he needs to lie to get the loan then he needs to think about paying off his debts before jumping into another one
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Postby soon2bayummymummy » Sun Nov 04, 2007 11:30 am

thanx everyone, i just wanted some info to scare him out of it as he's found a house he really wants but doesnt know if he will get the loan with all his debt or if he could lie to make sure he gets it. Ill let him read all the replies and hopefully it will change his mind as i cant make him not do it.
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Postby Butterfly_Dawn » Sun Nov 04, 2007 12:08 pm

Honesty is always the best policy IMHO. However this has been known to go poorly in interviews for me....I have no clue about financial stuff, so don't listen to me. I don't own a credit card cause I know I couldn't work it to my advantage
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