BFCSA Blog

Write to Owner of Firstmac: Mr KIM CANNON Dear Mr Cannon......I am seeking a copy of the service calculator which Firstmac relied upon to assess the "serviceability, affordability of my loan application. The Complete Loan Application documentation required from broker to you included the service calculator copy. My signature was required in several places to suggest I had read and fully understood everything. I now find I was only given three pages to sign and all other pages including the service calculator form was to be attached by the broker and faxed to your bank as part of the Loan Application Form and therefore formed part of the entire document. Since my signature was used to ensure the LAF could be properly processed, we are entitled to a copy of the service calculator in law. This copy ought to have been given to me when signatures were obtained. Please ensure your...

Treasury, RBA, ASIC and APRA are all on Government Song:  “we see no systemic issues.”  This was their “evidence” in the recent Senate Hearings by the Economics Committee 8th – 10th August….please read the transcripts.    The Federal Government is disgracefully trying to cover-up and hide the awful truth and condoning the lies and this must stop this hidden agenda immediately.   The BANKS were LYING and they have masterfully used the TOO BIG TO FAIL ARGUMENT and then encouraged our own FEDERAL GOVERNMENT TO LIE to the People’s House: Our Parliament!!!!  The Banks, ignored the HIGH COURT and the Judiciary.    This wretched state of nation affairs affects every citizen. THE WEAPON OF DECEIT: The dreaded Service Calculator and the plan to steal homes from ordinary citizens.  Whilst it may appear that Brokers “exaggerated” income figures, across Australia and NZ, they were taught to do so via a calculated mathematical technique combined...

At last TRUTH is bubbling to the surface. BFCSA asked you to seek a copy of the SERVICE CALCULATOR FORM ("SCF") for a very specific reason. We believe it will lead you to unravelling the hidden methods used by banks and the internal loan processing system used by credit assessors.  We hope this revelation will lead us all to a ROYAL COMMISSION INTO THE BANKING SECTOR Through hundreds of Members' efforts in asking for copy of the Service Calculator during the past month, we can now reveal the following:- All Bankers have decided in unison: "the service calculator is an internal document." Another explanation: "The service calculator was only used by credit assessors to assess affordability." IN TRUTH:  The SERVICE CALCULATOR is a secret weapon of the bankers involved in  this scam and a dirty little secret they would prefer you did not discover.  The Calculator is actually an ONLINE CALCULATOR designed and...

TRUE STORY - we love the truth.  It has a delicious way of bubbling to the surface Guy named Bill has mate he works with named Joe. Chatting away Bill said: "mate real big problem with dodgy LAF and CBA Bank, DB helping me out…she says SERVICE CALCULATOR is the culprit not the broker – it’s the banks teaching broker to just put base income into calculator and woosha!   In my case: $35,000 up to $130,000.  I had no idea." Banks' service calculator (on bank pvt database) deliberately recalculates and inflate incomes …. Joe goes home to his fiance and says: Hi sweetie, guess what has happened to Bill today….......... Sweetie says: when I go into work tomorrow I am going to check that out. Sweetie just happens to work for Woosher Bank ( to protect the staffer).  Couple plan to get married soon and are looking at buying a home. Both on modest...

The new NCCP LAWS are a disgrace, engineered by banker lobbyists and without consultation of consumers.  Consumers are feeling the brunt of non-protection.  Predictably, these new laws have placed the ONUS of "incorrect information" be landed on the shoulders of the Brokers.  The Banks invented the Broker Channel and are the source of the skulduggery which ASIC and APRA knew years ago, with evil intent contained in the SERVICE CALCULATOR FORM. The service calculator is a dastardly piece of handiwork specifically designed and engineered by banks to intentionally blame brokers when the Bubble Burst.  Now last I read: "intention to deceive" is one of the prime principles of identification of FRAUD. So by shifting the ONUS of the information on the LAF onto the shoulders of the Brokers, ASIC is dooming consumers to more of the same losses.  The Federal Government must take note as these are serious allegations and the Parliamentarians have passed a law which is utterly flawed. LOSSES were predicted by...

All those with Lo Doc and No Doc loans: Ring your bank and ask for a copy of the Service Calculator Form, that the banks relied upon to approve your loan.  You may be surprised.  If you have difficulty obtaining this document, email me on This email address is being protected from spambots. You need JavaScript enabled to view it. Denise  ...