Disclose trust loans too?

Discussion in 'Loans & Mortgage Brokers' started by Jasper, 9th Mar, 2020.

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  1. Jasper

    Jasper Well-Known Member

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    I'm refinancing a home loan in my personal name. Therefore, I have to gather documents and provide info

    Do I also disclose that there is a loan via a family trust (even though the trust has a corporate trustee)?

    Thanks!
     
    Jasper, 9th Mar, 2020
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    A trust cannot borrow so has no loans. It will be the trustee. If that is you then you have loans and should be disclosed. If a company then you are not the borrower but may have given a guarantee. This should be disclosed if the lender asks about it.
     
    Terry_w, 9th Mar, 2020
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  3. Jasper

    Jasper Well-Known Member

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    Thanks. That's perfect answer.
     
    Jasper, 9th Mar, 2020
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    a few lenders have specific policy around that

    WBC is one that doesnt want to know

    ta
    rolf
     
    Rolf Latham, 10th Mar, 2020
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