Thank you Australian Financial Review for this article – 07 July 2016 – A former Aussie Home Loan broker would go to jail for up to a year after admitting he submitted fake home loan applications to Westpac, National Australia Bank and ANZ Banking Group at least 18 times.
Aussie Home Loan mortgage broker Madhvan Nair admitted on Thursday making 18 loan applications totalling $5.6 million between 2012 and 2014 which had false borrower employment documents.
Of the 18 loan applications, 12 were approved by the banks, which resulted in home loans worth $3.7 million.
Mr Nair pocketed $10,000 in commission and cash payments for making the false loan applications.
I have said for a long time that this is an epidemic. A dark undercurrent of lies and deception that is NOT being thoroughly investigated by the lenders despite the fact that they KNOW its an epidemic!
These practices are silently contributing to the severity of the ultimate correction that is now long overdue.