Lenders reject ID checks

Additional checking of a home-loan applicant's identity would hinder the lending process, say a group of Queensland lenders and mortgage brokers, claiming that borrowing costs would rise in Queensland as a result. The Queensland government wants the identity of borrowers checked twice during the loan approval process because it is concerned about the forgery of signatures. Identity fraud costs about $1.1 billion annually in Australia with anecdotal evidence that the crime is growing.