It’s essential to stay vigilant when it comes to protecting yourself from mortgage fraud – especially in Australia. Recent statistics have revealed a worrying rise in fraudulent activities, so it’s important to know what you need to look out for. This blog post provides simple tips to help Australians protect themselves when applying for a home loan or refinancing their existing mortgage.
1. Research the Market and Compare Mortgage Rates:
Do your research to make sure you are getting the best possible deal on your loan. Different lenders will offer different rates, so it pays to shop around. Make sure you understand the terms of any mortgage offer before signing an agreement.
2. Be Wary of Unsolicited Advice:
If someone contacts you out of the blue with a ‘too-good-to-be-true’ offer that promises lower interest rates or other benefits, be wary as this could be a scam. It is important to remember that if something sounds too good to be true, then it probably is! Always verify any advice received from third parties before acting upon it.
3. Don’t Sign Anything You Haven’t Read:
Never sign a document without first reading it thoroughly and understanding what you are signing up for. Make sure all documents are written in plain English, not legal jargon so that you understand the terms clearly. If any of the language isn’t clear, don’t be afraid to ask questions or even seek independent advice before agreeing to any mortgage offers.
4. Request an Explanation of Fees:
Understand all fees associated with your loan such as origination costs and additional fees that aren’t included in the interest rate. Ask questions until you fully understand these charges and make sure they are accurately reflected on your mortgage paperwork. Be wary of lenders who try to hide fees or refuse to explain them.
5. Double-Check Your Credit Report:
Regularly check your credit report to make sure there is no incorrect information being used by lenders during the loan process. Doing this will help you identify any suspicious activity and take the necessary steps to protect yourself from fraud.
By making sure you are aware of the potential risks involved with mortgage applications and following these simple tips, you can go a long way in protecting yourself from mortgage fraud. Always remember that if something doesn’t feel right, then trust your gut and don’t proceed until you have all the facts at hand. Feel free to contact us for any question!
Good luck!
