29 Oct 2008

Agents in mortgage scam judged unfit to sell

5:01 pm on 29 October 2008

The Real Estate Agents Licensing Board has decided three estate agents linked to an elaborate mortgage scam are unfit to continue as certified salepersons.

The board decided in favour of the Real Estate Institute after hearing claims the agents inflated the price of homes they traded and used false documentation to obtain finance.

The men over-valued properties when applying for mortgages, adding almost $2 million to the values of four mortgage applications.

The board has yet to decide on a penalty.