A South Australian mortgage broker has been convicted after he pleaded guilty to providing misleading home loan appraisal letters to Westpac.
Ausfin director Daniel Duy Anh Nguyen was given a four-month suspended sentence and placed on a 12-month good behaviour bond after he admitted to doctoring documents between October 2011 and February 2012.
Nguyen prepared the sale contract and rental appraisal letters on behalf of five clients — documents that were deemed inaccurate.
The magistrate hearing the case said the onus was on brokers to ensure information was correct.
"If credit providers had to enquire into every loan application … the cost of providing loans would increase and would be passed to consumers," he said.
Last month Nguyen was banned from providing financial services or engaging in credit activity for four years.
