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How to eSign a document: e-signature legitimacy for Home Loan in Australia

financials Sean quani detects fraudulent mortgage documents for the big Banks he's found a big increase in the number of people risking jail time and losing their homes I've opened up a pay slep here and uh if I click on the edit PDF then I can easily sort of modify this PDF file you can change the dates you can change the financials change the gross income taxable income and of course the net income since interest rates started Rising he says there's been a three-fold increase in people lying on their home loan applications if you put yourself in the shoes of a prospective borrower who might be trying hard to get onto the property market and uh put a roof over their head it's a decision between telling the truth to the lender and potentially not getting access to the credit to get the property the increase in attempted liar loans comes as hundreds of thousands of Australians are looking to refinance as they hit a mortgage Cliff rolling off low fixed rates to higher variable rates under rules imposed by the banking regulator banks are supposed to assess a brower's ability to repay a home loan at 3% higher than the current interest rates on offer but some lenders are applying lower buffers of 2 or 1% these policies are really approached on a Case by case bis they'll be very good borrowers they would have made their repayments and they are well placed in terms of other other aspects of their finances when Alicia Watson and her partner went to refinance their home loan they were assessed at a lower rate the couple have been cutting costs and making extra repayments we budget quite stringently I've got an Excel spreadsheet which is just wild um and basically it does to the very scent of what everything in our life cost costs when they bought their home in 2020 they were offered an almost million doll mortgage but took out less than half of that there would be under no circumstance that we would be able to afford a $950,000 mortgage at this stage not with the interest rates that they are right now Melbourne base mortgage broker Philip Robertson says many people are trapped in mortgages they can't afford and more likely to take on riskier personal loans when they can't refinance this situation and their circumstances would be so much better if they were able to perhaps go interest only for a short time change to A lender who had a low rate that would relieve a lot of stress especially on people who are more vulnerable or lower income people with Market expectations of another possible rate hike in 2024 more Australians are likely to hit Financial stress while the number of people defaulting on their home loans has been low there are fears this could shoot up as rates stay higher for longer there are some job losses then that will tend to see AAR push higher as well that will flow through over the next 12 months to the extent that that then flows through to mortgages and uh possession that'll tend to be the back into next year while banks are becoming better at detecting fraudulent documents sha says it's an ongoing battle fighting fraud and creating a safe environment to transact around mortgage is something that it's just a it never ends uh it's almost like a cat and mouse game a game that could continue to play out as more Australians face tough times ahead