Australian Home loan dilemma

[keeping rent secret]

Getting an Australian homeloan, and they asked for my rental expenses here in Singapore.  Can I just pretend I live with a friend so that my loan amount remains higher?  Is there any way they can check?? 
thanks for advice!

[quite possibly]

Maybe you can, they may ask for bank statements though.

You do of course realise it is fools like you who borrowed what they couldn't afford that caused the crisis?

Vulcan will blame the banks but in this case it would clearly be the consumer at fault.

Oh yeah, if they find out you lied they could likely terminate on you.

[to op]

Have you ever heard the term "obtaining money under false pretences" or alternatively "fraud"?

[Honest]

Perhaps Honest Kubes can chip in with his tricks.

[Kubes.SG]

Well, we don't take out mortgages to buy property in Australia. 

But when we did we found that the Banks asked for lots of information, evidence of income, but did not ask for any evidence of expenditure - just the levels.  So if you are comfortable playing games by lying on a legal document, stretching yourself towards over-commitment, and playing a MASSIVE forex bet by borrowing in AUD with an SGD inome;   then you could probably just declare a rental expense that is in the same ball-park as you would see in Australia.   Quite sure that AU bank mortgage spreadsheet jockeys would not have a clue about rental levels in SG, and would happily accept a number that seems reasonable to them - say $1200/mth.

Declaring your housing cost in SG to be zero, would sound quite unlikely and might generate more inquiry that you don't want.  They only way they can check is if you give them the evidence they ask for.

[keeping rent secret]

The Australian banks ask for payslips only.  They have asked for a rental lease as proof of what rent I pay, but I was thinking of just saying I share with friends and hence don't have a lease.

[why ask]

The Australian banks ask for payslips only.  They have asked for a rental lease as proof of what rent I pay, but I was thinking of just saying I share with friends and hence don't have a lease.

You seem to have decided to lie so just get on with it.

You want an anonymous forum to tell you fraud is ok?

Idiot.

[Isn't this kind]

of behaviour which led to the recent financial crises in other countries? I can't believe you're asking people to approve of what amounts to fraud. And, as PP just stated, you've obviously decided that's what you're going to do so it seems you're just seeking approval...

[cashed it!]

anyone will query into my financial situation if I decided to pay up full, without any mortgage loan?

[keeping rent secret]

of behaviour which led to the recent financial crises in other countries? I can't believe you're asking people to approve of what amounts to fraud. And, as PP just stated, you've obviously decided that's what you're going to do so it seems you're just seeking approval...

Not asking to approve it, but want to know if I can get away with it - have any others done this kind of thing

And no i'm not borrowing beyond my means.  The money i waste on rent here is actually covered by the income made through other investments that I have which the bank never asked me about or cared to know when I offered.  So by withholding the truth on my rental expense, I'm just balancing thing out so that what they loan me is appropriate and not too less, given my total earnings!

[Kubes.SG]

I don't see the problem here. 

Better to over communicate and tell them about your other income, than to commit fraud.  If something does go wrong in the future and you get found out, a criminal record for fraud would likely keep you out of Singapore and most other countries. 

[with kubes]

Sod off pp.

I agree with kubes.  Ask them to take other income into account as well.  When they ask you something and you deliberately lie in order to obtain funds you are committing fraud.  Justify to yourself all you like but it is still fraud. 

[keeping rent secret]

thanks "Kubes" and "i'm with Kubes",

It's St George and they are a pain in the ass - they won't take into account other income even though I've mentioned 3 times. 

[The ref]

and playing a MASSIVE forex bet by borrowing in AUD with an SGD inome;

Kubes wondering why the forex bet is "MASSIVE"?

Currencies have fluctuated quite a bit over the last 2 years, but the Sing and Aussie seem to have stabalised and looking like not being rocked by further defaults that may hurt other currencies.

Forex is always a risk - just trying to understand the scale.

P.S.  I have my home loan in Australia and only briefly thought of moving it here as I plan to move back in a few years.

[Kubes.SG]

It's risk is massive because of the size of the bet is massive.   Let's presume he borrows SG$1.5m to upgrade in Mosman.  If the AUD drops by say 10% against the SGD his SG bank may very well make a margin call to top up the $150K difference.  It has happened plenty of times before.

The AUD is near 20-30 year highs again.  Just need some uncertainty coming out of China and the AUD could tumble again.