What could happen if I don't disclose all my expenses in my home loan application?

It is important to be honest and disclose all your expenses when applying for a home loan. If you do not disclose all your expenses, it could lead to a few potential issues. Firstly, if your lender discovers that you have not disclosed all your expenses, they may reject your loan application. This is because your lender has a responsibility to ensure that you can afford the loan repayments. If they do not have the full picture of your financial situation, they cannot accurately assess your ability to make repayments. Secondly, if you are approved for a loan but you have not disclosed all your expenses, you may find yourself in a difficult financial situation. This is because you may be approved for a loan that is too large for you to comfortably repay. This could lead to you struggling to make your loan repayments and potentially defaulting on your loan. It is important to be honest and disclose all your expenses when applying for a home loan. This will ensure that you are approved for a loan that you can comfortably repay. If you are unsure of the current interest rate offers, you can check out Goodrate on https://goodrate.com.au/home-loan.