Scams and safety for home buyers and borrowers

Buying, refinancing or owning a home involves large sums of money, several parties (agents, conveyancers, lenders, brokers) and fixed deadlines. Scammers use all three. This page explains the scams most often aimed at people with a mortgage or about to take one out, how to spot them, and who to contact if something goes wrong. It is general information drawn from Australian government sources, listed at the end.

In 2025, Australians reported combined scam losses of $2.18 billion. Payment redirection, the scam type that includes diverted property deposits and settlements, was the second costliest at $166.8 million, behind investment scams at $837.7 million (National Anti-Scam Centre, Targeting Scams report 2025).

If you think it is happening right now

1. Stop. Do not pay, sign, or share a code or password. A genuine lender, bank, conveyancer or agent will wait while you check.
2. Call your bank using the number in your banking app, on your card or on a statement. Never use a number from the message you received. Ask them to stop or recall the payment.
3. Get help and report it using the contacts in where to get help below.

Scams that target property and mortgages

1. Payment redirection at deposit or settlement

A scammer hacks or imitates the email of your real estate agent, conveyancer, solicitor or lender, then sends a message saying their bank details have changed. The timing is deliberate: just before a deposit or settlement payment is due, when you are under pressure to pay on time. The money goes to the scammer and is often unrecoverable.

Warning signs:

• Any message saying bank or payment details have changed, however official it looks.
• An email address that is slightly different from the usual one, or a free webmail address (such as Gmail or Outlook) for a business.
• Urgency, such as a claim that settlement will fail unless you pay today.

What to do:

• Before any large transfer, phone the recipient on a number you already know and trust (from your contract, their website, or an earlier meeting) and confirm the account name, BSB and account number out loud.
• For large payments, consider confirming the details in person at the office of your agent or conveyancer before you pay.
• When replying to email, use forward and type the address in yourself.
• Turn on multi-factor authentication for your email and banking.

2. Fake lenders, brokers and loan offers

Scammers build convincing websites, run social media ads, or impersonate real lenders and brokers. After an enquiry they tell you that you qualify, sometimes for more than you asked for, then ask for an upfront payment for "establishment", "insurance" or "processing" before the funds are released. The loan never arrives.

Warning signs:

• Guaranteed approval, or no credit check.
• A fee, insurance or "tax" you must pay before the funds are released. ASIC notes that legitimate, licensed lenders will generally not ask for fees upfront, as establishment costs are usually included in the loan and repaid over time.
• A request to pay into an account in a person's name rather than the lender.
• A rate well below what the rest of the market is offering.
• Contact from a free email account, or only via social media or messaging apps.
• Pressure to decide quickly or keep the offer to yourself.

What to do:

• Anyone arranging or providing a home loan in Australia must hold an Australian Credit Licence or be an authorised credit representative. Search the name, licence number and representative number on ASIC Professional Registers and check it matches the details you were given.
• Check the business against the Moneysmart investor alert list.
• Scammers clone real businesses, including their licence numbers. Contact the business through details you find yourself, not the ones in the ad or message.

3. Bank impersonation and remote access

A caller, text or email claims to be from your bank (or the fraud team, police, or a telco) and says your mortgage or account is at risk. Scammers can make calls and texts appear to come from the real number, and can even appear in the same message thread as genuine bank texts. They may ask you to move money to a "safe account", read out a one-time code, or install screen-sharing software.

• Your bank will never ask you to transfer money to keep it safe.
• Your bank will never ask for your online banking password, one-time security code, PIN or token over the phone.
• Never install software or apps at the request of an unexpected caller.
• Hang up and call back using the number in your banking app, on your card or on a statement.

4. Mortgage stress and debt help offers

If you are behind on repayments, you may be contacted by businesses offering to fix your credit report, negotiate with your lender, or stop a repossession, often for a large fee. Since July 2021, firms that charge for debt management or credit repair must hold an Australian Credit Licence, and ASIC has raised concerns about firms charging high fees for limited help.

• Talk to your lender's hardship team first. It costs nothing to ask, and your lender must consider you for hardship assistance when you do.
• Free, independent financial counselling is available from the National Debt Helpline on 1800 007 007.
• Moneysmart advises against paying to fix your credit report: you can ask for errors to be corrected yourself, for free.

5. Property investment seminars and "guaranteed" deals

Some seminars and online promoters push particular properties with rental guarantees or off-the-plan discounts. Moneysmart warns these offers often include hidden fees and commissions, and you may be asked to pay too much for the property.

• Be wary of high returns promised with little or no risk.
• Do not sign on the day or under time pressure.
• Ask who is paying the promoter, and how much.
• Get an independent valuation and independent advice before committing, and check the people involved on ASIC Professional Registers, including the banned and disqualified register.

6. Identity theft and title fraud

Loan applications need your licence, passport, payslips and bank statements, which is exactly what a scammer needs to borrow in your name or attempt to deal with your property. Fake "pre-approval" forms and phishing links are common ways these documents are collected.

• Only send identity documents to a business you have verified, through a secure portal where possible, rather than as email attachments.
• Check your credit report for applications you do not recognise. It is free to request.
• If you think your identity has been misused, you can ask for a free ban on your credit report. For 21 days (extendable), credit reporting bodies cannot use or share your report without your written consent, which makes it much harder to obtain credit in your name. One credit reporting body must pass your request on to the other two.
• Some state land titles offices offer alerts when a dealing is lodged on your title. Check with the titles office in your state.

Before you transfer a deposit or settlement funds

• Confirm the account details by phone on a number you already trust. Never rely on details that arrived by email or text alone.
• Watch for your bank's Confirmation of Payee result. Most Australian banks now check the account name you enter against the account itself and show a match, close match or no match. A no match is a reason to stop and check before paying.
• Allow time. Leaving a large payment until the last hour makes checking harder.
• After paying, confirm with the recipient that the money arrived.

Where to get help

If you have sent money or shared details, act quickly. Scammers often come back, sometimes posing as someone who can recover your money. Treat any offer to recover lost funds for a fee as another scam.

If you are in immediate danger or being threatened, call 000.

Sources

Last reviewed October 2026. Check the sources below for the latest guidance.

• Scamwatch: What to do if you have been scammed
• Scamwatch: Scammers impersonating banks
• Scamwatch: Loan scams
• National Anti-Scam Centre: Targeting Scams report
• Moneysmart: What to do if you have been scammed
• Moneysmart: Investment seminars
• Moneysmart: Financial hardship
• ASIC: Beware of loan offers from scammers impersonating a lender
• ASIC: Warning to Australian borrowers about lending scams
• ASIC: Debt management reforms and credit licensing
• OAIC: Fraud and your credit report
• Landgate (WA): Fraud prevention
• WA ScamNet: Payment redirection scams in property transactions
• Australian Banking Association: Confirmation of Payee