Hi all!
I’m looking to refinance with st george. On the online application it’s asking for marital status and dependant.
I have a wife and dependants but wife isn’t working so I’m the sole income earner.
With my previous loan application, the bank let me to apply as a single.
Can I actually still apply as a single?
That means I would answer single and no dependant in the application?
Isn’t it practically lying on your application to say you’re single when you’re married with dependants?
Probably depends on whether you get found out, I know some banks comb through recent statements to assess spending, so you wouldn’t be able to hide that.
Isn’t it practically lying on your application
Yes. At best it's lying and at worst it's fraud to obtain a loan.
Having dependants and a wife not working increases your risk profile so by lying about it they could flat out cancel your loan and blacklist you. Probably a clause in the contract that stipulates what will happen.
Wouldn't risk such a blatant lie for something like this
Another benefit is OP gets to go on TV to whinge when he can't pay back the loan due to his other commitments. He can give a sob story about how the bank let him lie in the application and didn't check if he actually had a family!
Practically? It's literally.
Pretty sure that lying on a mortgage application is considered fraud.
The need to cover both your own costs and the costs of supporting your dependents is an essential consideration in assessing what percentage of your income is likely to be unavailable for loan repayments.
A single person obviously has fewer fixed outgoings, and claiming to be single will artificially inflate the size of the loan that the bank thinks you can service.
The grey line would be if op was in a defacto etc.
Defacto relationships aren't a grey line. If two people live together as a couple as if married it's the same thing, legally. And dependents are people who depend on you for financial support. Claiming that you don't have people dependent on you when you do would be a lie.
Chillax. We break any number of laws and bylaws just popping down to the shops. Sometimes the path of least resistance is best for everyone.
This is a discussion for the bank.
You might need to claim the dependents but not any income. They may prefer you to apply as an individual but not as a Single. This has been my experience has teacher incomes are flakey and banks hate them.
There are implications. Not having your wife listed on the mortgage can cause problems later if something should happen.
What type of loan is it?
You would answer; married and how many dependants you have
Would you consider divorcing your wife?
That's not very ozbargain and would be worse off. He would have lost most of his assets (if any) / pay alimony / child care/support. , all of which his wife now does for free. Happy wife happy life.
Not if it's a sham divorce. Then you get two primary residents.
I have a wife and dependants but wife isn’t working so I’m the sole income earner.
With my previous loan application, the bank let me to apply as a single.
You state facts in application, specifically who is on title, whose name is on the mortgage, your income and your expenditure. Your wife isn’t working doesn’t make you a single on the application, unless you’re a shallow person who dumps your wife based on her income level.
If your wife is on the current loan, then you'll find it a bit more difficult to explain why you're a sole borrower going forward.
If this is for a property that you own independently from your wife, then her income isn't assessed and there's no reason to disclose her employment status etc.
If you are married then you apply as married - to no do so is fraud.
Single if you want to borrow more
Single if you want more happiness in life