How te bank knows the number of my loans

Discussion in 'The Buying & Selling Process' started by OzziMelbourne, 6th Sep, 2020.

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  1. OzziMelbourne

    OzziMelbourne Well-Known Member

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    Hi,
    I am curious how the bank knows the exact number of my current home loans if I apply for a new one.
    I downloaded fresh reports from Equifax, Experian and Illion.
    Equifax shows my loans A, B, C, D but no E (E started in 2017 & is still in place)
    Experian shows A, B and C only
    Illion shows A and B only.
    Even if three reports are used, they don't show one loan anyway, whereas if Experian or Illion reports only are used, they miss even more.

    On the other hand, I was under impression that every lending institution should advise the relevant companies about initiation of any home loan. It seems this is not the case...
     
    OzziMelbourne, 6th Sep, 2020
    #1
  2. qak

    qak Well-Known Member

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    If you thought you might not tell them about any of your loans, questions may be asked when they go through your bank statements and see the repayments coming out. You would be shocked to see what info the lenders get about your spending patterns by analysing your bank statements.
     
    qak, 6th Sep, 2020
    #2
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    declare all liabilities even if not on reports

    ta

    rolf
     
    Rolf Latham, 6th Sep, 2020
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  4. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Most lenders are asking for bank statements, verifying your liabilities is one of the specific reasons for this.

    If you're caught lying to the bank, they'll decline the loan and you'll have a mark against your name which means they'll refuse any future business with you as well. This won't appear on your credit report, they'll just refuse future business seemingly without any reason.

    Do the right thing, declare everything.
     
    Peter_Tersteeg, 6th Sep, 2020
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  5. OzziMelbourne

    OzziMelbourne Well-Known Member

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    When I applied to get my last loan, I presented all statements in anticipation that my real expenditures would be taken into account. Then the bank said that regardless of how much I really spend, this would put my spending as this much and this much was much higher than we spend.
    I asked why. They said they have the minimum limit for X number of people and if it is less than that, they do not care how much we really spend and they would put their minimum expected amount
     
    OzziMelbourne, 6th Sep, 2020
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  6. OzziMelbourne

    OzziMelbourne Well-Known Member

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    I will. At the same time I wanted to understand why the information in 3 reports is SO different. I was under impression that it should be relatively close
     
    OzziMelbourne, 6th Sep, 2020
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    ASIC rules in combo with APRA more so than the bank per se

    ta
    rolf
     
    Rolf Latham, 6th Sep, 2020
    #7
  8. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Not every lender uses or reports to all 3 reporting agencies.
     
    Last edited: 7th Sep, 2020
    Peter_Tersteeg, 6th Sep, 2020
    #8
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