Banks and individuals alike seem to be misleading in the loan application process. While ABC addresses the issue of applicants providing false information, there's a question about who is investigating the banks for dishonesty in loan applications. You can find the ABC coverage here: https://www.abc.net.au/news/2023-12-05/more-liar-loans-as-people-see-higher-interest-rates-house-prices/103167392

Let's delve into how both banks and payday loan lenders might be taking advantage of consumers. Hard credit checks raise concerns—why offer access to your higher credit score? Despite having your previous hard credit check, institutions opt for another hard check, potentially lowering your credit score. This downgrade benefits loan processors as they can then justify higher interest rates. Moreover, subsequent loan applications are likely to face diminished prospects.

This practice leaves a conspicuous trail on your file, increasing perceived risk and providing an excuse for charging more interest. Even if you decline the loan, the damage is done once they access your file.

Examining pay stubs, ATO NOE's, or ATO end-of-year TAX summaries reveals various values like totals, gross, pre-tax, after-tax, among others. However, loan processing may deliberately use lower rolling averages or net amounts, after expenses or taxes, to reduce your chances of approval. This tactic could result in higher interest rates or outright rejection of your application.

For individuals with ABNs, seeking legal counsel may be prudent, as these practices seem far from fair trade—they resemble armed robbery or seek-and-destroy missions. The audacity of having income from another source, such as one's own business, raises concerns.

While there is more to explore, the question remains: who is actively investigating these issues on behalf of consumers? Are regulatory bodies like the ACCC or AFCA taking action? It's a pressing concern that needs attention.