A 42-year-old man has been jailed 31 months by the District Court for mortgage fraud. He deliberately failed the mortgage payment after getting cash rebates of $530,000 and $160,000 from a property developer and a bank.

In June 2003, he made a $2.07 million mortgage application to the bank to buy a North Point flat for $2.23 million. A month later the mortgage from the bank was drawn down. He then received the cash rebates. However, he stopped honouring mortgage repayments after making two monthly instalments totalling $24,515.

Police arrested him in August 2004 and he was later charged with one count of obtaining a pecuniary advantage by deception, one count of procuring entry in certain records by deception, and three counts of theft.