Hi all, What is the risk of not declaring overseas (eg: New Zealand based) liabilities/debt commitments? I'm a little confused because I've spoken to some non bank lenders who have told me they will ignore overseas liabilities/debt commitments, but this doesn't seem like a standard practice?
its Its not normal practice.......certainly not under responsible lending. You will also find some brokers/bankers doing the same(sometimes not even the borrower know) thus getting magical results that other "slack" brokers/bankers cant. NZ liabs especially are an issue in terms of non disclosure because there is some cross over between the credit reporting agencies in both "states: ta rolf
in a really unrelated country with a different language and without the close relations, maybe. But given the numbers of NZers here ( and increasingly Aussies going to NZ to work) I think it is too risky!
Ahh yes - whats a bit of fraud if no one will ever find out? Fraud is fraud. No matter which language it is in. Blacky
legally you must declare foreign income, what if there is a paper trail? just being devils advocate, I would not risk it also to perhaps offset/reduce tax if living/working in Australia? assuming it's negatively geared?
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