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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Malcolm's Free Market Insane Policy delievr YOU this............. PROPERTY PRICES out of control.  GLUT in apartments, unaffordable toxic interest only loans, defaulting mortgage loans, homelessness increases whilst there are so many empty homes and the list continues! Property prices up again, sparking renewed fears of market threats Jennifer Duke 21 Mar 2017, 3:23 p.m.         http://www.farmonline.com.au/story/4544421/property-prices-up-again-sparking-renewed-fears-of-market-threats/?cs=4733   Speculation about a housing bubble is likely to heat up even further, with Sydney and Melbourne property prices up more than 5 per cent. Sydney house prices 'to fall 5 per cent over two years' Three graphs that show struggle is real for first home buyers Australians expect affordability to deteriorate further by 2027     Speculation about a housing bubble is likely to heat up even further, with Sydney and Melbourne property prices up 5.2 per cent and 5.3 per cent respectively over the three months to December, official data...
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Prime Minister John Howard – apparently acting on the advice of businessman John Ralph   It’s In Everyone’s Interest To Tackle Australia’s Housing Affordability Crisis By Glen Andersonon March 21, 2017 Business & Consumerism https://newmatilda.com/2017/03/21/its-in-everyones-interest-to-tackle-australias-housing-affordability-crisis/ The bubble is getting bigger, which means the inevitable burst will be messier. Dr Glen Anderson explains why we need to do something about housing prices sooner rather than later. Australia’s housing affordability crisis has many dimensions. One that is routinely overlooked is its social corrosiveness. As median house prices surge ahead of wages growth, many young families who aspire to save for a mortgage deposit are remaining for years with understanding parents and in laws. This squeezes more Australians into smaller living spaces, thereby ensuring a decline in material living standards across all generations. Indirectly, these circumstances may be contributing to Australia’s declining fertility rates. In 2012, Australian Bureau of Statistics data revealed that women...
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Banks unable to foreclose on farmers without debt mediation under new Queensland laws By Gail Burke http://www.abc.net.au/news/2017-03-22/banks-cannot-foreclose-farmers-debt-mediation-new-qld-laws/8375502   Banks will not be allowed to foreclose on struggling Queensland farmers without first offering them debt mediation under new laws passed in State Parliament.   Labor and the LNP supported the Farm Business Debt Mediation Bill, which would require financial institutions to offer mediation to farmers who were in arrears before starting enforcement action. Queensland Agriculture Minister Bill Byrne said it was an alternative to expensive and drawn-out legal battles.   "We want to ensure farming families experiencing financial difficulty are treated fairly by financial institutions when they are faced with the daunting prospect of selling property assets to repay loans," Mr Byrne said. "We know that mediation is a vastly preferable mechanism and effectively done, people can come out of that with a good outcome and it's the best chance of people...
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Well he got it in one re what is now ready to blow up...and before the Big Short had even been made that explained squared derivatives! Grandmothers, perhaps try ducking for cover February 22, 2014 http://www.michaelwest.com.au/grandmothers-perhaps-try-ducking-for-cover/ OPINION Got a call from a contact the other day; you’d better have a look at this, he said. There it was: half a story we had penned two months before, all but cut and pasted onto a glossy website called The SMSF Club. “Are management fees devouring your savings?” was the big bold headline. Beneath it was the guts of our story, some research from a funds manager Chris Brycki who had looked at 497 managed funds and found that over the past five years investors had given away half their investment returns (which averaged 2.3 per cent) in fees (1.91 per cent). Reading further in The SMSF Club rendition of the yarn was...
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Sword of Damocles hangs over PM Turnbull   Sydney Morning Herald March 22 2017 - 12:15am Adele Ferguson   Come Thursday a royal commission or commission of inquiry into the scandal-ridden banking sector will be a genuine live issue in the Federal Parliament. From that point, the sword of Damocles will dangle precariously over Prime Minister Malcolm Turnbull's head, waiting for the right moment to fall. ASIC takes aim at the banks ASIC chairman Greg Medcraft tells the Economics Legislation Committee bank culture is still an issue that needs to be addressed. All it will take is one more Coalition MP in the lower house to cross the floor. Tick-tock, tick-tock. The clock was set on Tuesday when a bill was tabled in the Senate with the backing of a majority of the upper house. The bill's signatories include Greens senator Peter Whish-Wilson, independents Derryn Hinch and Jacqui Lambie, Nick Xenophon and...
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British banks including HSBC, RBS, Barclays and Coutts 'processed £600million in multi-billion pound Russian money-laundering scam'    As much as £65bn could have been moved out of Russia between 2010 and 2014  1,920 transactions went through UK banks and 373 through US banks  Records obtained by the Organised Crime and Corrupting Reporting Project  Read more: http://www.dailymail.co.uk/news/article-4332984/Banks-processed-600m-Russian-money-laundering-scam.html#ixzz4c1RhA4Ov    By FIONN HARGREAVES FOR MAILONLINE Some of the UK's top banks allegedly processed around £600 million in a multibillion-pound Russian money-laundering scam. High street names including HSBC, the Royal Bank of Scotland, Barclays and Coutts are among those involved, The Guardian reported. More than £16 billion and maybe as much as £65 billion was moved out of Russia between 2010 and 2014, the paper said.     +3 Some of the UK's top banks, including HSBC (pictured), the Royal Bank of Scotland, Barclays (pictured) and Coutts, allegedly processed around £600 million in a multibillion-pound Russian money laundering scam    ...
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http://www.abc.net.au/news/2017-03-20/morrison-medcraft-flag-property-investor-lending-crackdown/8369612         http://www.abc.net.au/news/2017-03-20/morrison-medcraft-flag-property-investor-lending-crackdown/8369612   Australia's Treasurer and chief corporate regulator have both flagged a further crackdown on property investor loans, as the regulator implies house prices are at risk of a massive fall. Key points: ·         ASIC boss warns housing prices typically revert to four times incomes; Sydney above 12, Melbourne near 10 ·         Regulator says banks "trusted" by borrowers to determine if they can afford a loan ·         Treasurer says regulators discussing further limits on property investor lending Limits on investor lending were first introduced in late-2014 in an attempt to cool an overheating property market. However, with recent home price index readings showing annual price rises of around 18 per cent for Sydney, 15 per cent for Canberra and 13 per cent for Melbourne, and official data showing a renewed surge in property investor lending, financial authorities have floated the possibility of tightening those rules restricting investment loans. "There remain pressures that have built...
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The dumbest bubble in history is the RBA’s By Houses and Holes in Australian Property, Australian recession at 12:45 pm on June 5, 2015 | 87 comments http://www.macrobusiness.com.au/2015/06/the-dumbest-bubble-in-history-is-the-rbas/ Chris Joye doesn’t mince words today: There’s only one party to blame for Australia’s unprecedented house price bubble. And it’s not buyers, vendors, developers, immigrants or local councils restricting new approvals. While they have all contributed to the underlying demand and supply dynamics, the unsustainable price growth across Sydney and Melbourne since January 2013 is squarely the responsibility of the monetary policy mandarins residing in the Reserve Bank of Australia’s Martin Place headquarters. It is these folks who dismissed our repeated warnings that they were blowing the mother of all bubbles and instead decided that the cheapest mortgage rates in history—enabled by cutting the cash rate a full 100 basis points below its global financial crisis nadir – is the elixir required to...
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Monopoly has become the  "exchange rate versus housing price shell game!"     Central Bank Shell Game: What Sweden’s Negative Interest Rates Do to Consumers     by Nick Kamran • Mar 19, 2017 http://wolfstreet.com/2017/03/19/central-bank-shell-game-sweden-negative-interest-rates-consumers-perspective/   Next: higher rates or currency crisis? By Nick Kamran – Letters from Norway: Sweden’s welfare state supposedly allows for success while providing a safety net for those unable to keep up with the market. In principle, it is an ideal, utopian-like state. However, Sweden’s touted economic success has come at the expense of its currency, the Krone (SEK), and long-term sustainability. Riksbank, the Swedish Central Bank, like its European contemporaries, has undertaken experimental policy, driving real and nominal interest rates below zero. Not All Growth is Equal Since 2014, Swedish deposit rates have been negative. Not only has overall negative real interest rate policy affected housing, but it also drove Swedish consumers deeper into debt. Embarking...
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This is what they are up to....somebody called 2GB from Singapore a few nights ago who said this is exactly what banks are doing...and those execs at APRA who do not eek and investigate evidence of criminal behaviour in Banks, do not find anything....just like Sister ASIC  APRA GRILLING at APH,   2nd March 2017  Page 25 Senator KETTER: Is it possible for Australian ADIs to be inadvertently financing foreigners buying Australian property by lending to foreign funds that are lending to foreigners buying Australian property?   Mr Byres: Yes—that is the short answer. All of those things could be happening. One of the problems that you have whenever you have a reasonably blunt quantitative limit like the 10 per cent benchmark is that there is a measure that we use to track that and people are inventive and innovative and there can be structures and ways in which credit will flow...
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You are a cooked goose as soon as you sign the loan application form   for the property valuation is all part of it!     Banks know US-Style Mortgage Fraud a ‘Nuclear Bomb’ to Australian Banks by Lindsay David • Apr 25, 2016  http://wolfstreet.com/2016/04/25/u-s-style-mortgage-fraud-australian-banks-rmbs-control-fraud/  Regulators close eyes, hope Housing Bubble doesn’t collapse. By Lindsay David, Australia, founder of LF Economics: The Australian Securities & Investments Commission (ASIC), which regulates financial services companies,has the backbone of a chicken wing when it comes to enforcing the rule of law; this is widely recognized in Australia and resulted in a Parliamentary inquiry. If any politician believes that ASIC is a “tough cop on the beat,” they should seriously reconsider their opinion on this issue. Under the pomp and ceremony of the government’s decision to levy the banks to fund ASIC’s prolonged $400 million+ annual fishing vacation is its pursuit of catching tadpoles in the...
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Bank reform to hold top execs accountable for breaches The Australian 12:00am March 20, 2017 Richard Gluyas It was revealed in The Australian last month that Scott Morrison had held talks with the major-bank chairs earlier this year about measures to combat the industry’s recurring governance and conduct lapses. The chairs are likely to meet with the Treasurer again before the proposed reforms are unveiled in the pre-budget period. Both Treasury and the industry have been working on a local version of the so-called senior managers’ regime in Britain, which facilitates enforcement action against senior bank executives by requiring them to attest to their specific responsibilities. The British rules require senior executives to sign off that they have taken reasonable steps to prevent regulatory breaches from occurring or continuing to occur in their area of responsibility. Details of the local version are being kept tight. However, a senior banker told The...
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How the free market failed Australia and priced us out of our own gas supply ABC News20 March 2017 Ian Verrender business editor   Fashion has a habit of turning full circle. Remember that old shirt, the super tight one with the stretchy material and weird collar that you found at the bottom of the wardrobe? What on Earth possessed you to buy it, you wonder. What were you thinking? For anyone who lived through the '70s, the memories of those fashion crimes often come back to haunt us. It was also an era when free market ideology began to assert itself in public policy. And with good reason. Government-run businesses were inefficient, bloated and bureaucratic. Letting them loose would free up scarce public funds, competition would lower prices and scarce resources would be allocated with the greatest efficiency. When Margaret Thatcher came to power in the UK in the 1980s,...
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Guidance is not a regulation! APRA announces fresh guidance on mortgage lending Thursday 23 February 2017 http://www.mortgagebusiness.com.au/breaking-news/10842-apra-announces-fresh-guidance-on-mortgage-lending The prudential regulator had today updated its exectations for sound residential mortgage lending for Australian banks. PRA released for consultation a revised draft of Prudential Practice Guide APG 223 Residential Mortgage Lending in October 2016 to incorporate measures previously announced in 2014 or communicated to ADIs since that time. “The revisions to APG 223 are designed to ensure that the sound lending practices that have been implemented across the industry since late 2014 are maintained and reinforced,” the regulator said in a statement. As a result of the consultation, APRA has made a small number of refinements to the prudential practice guide, which are explained in a letter to ADIs released today. However, APRA stressed that it does not expect these refinements to result in material changes to existing lending practices across the industry...
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Citizens Electoral Council of Australia Not before time, the Australian Labor Party has indicated a royal commission on banking could lead to the break-up of the Big Four banks. ALP frontbencher Matt Thistlethwaite explained to Peter van Onselen on Sky News on 14 March that Labor was looking at separating retail and investment banking, referring to the US law that Bill Clinton repealed in 1999, called the Glass-Steagall Act. “Is it possible that Labor might look at legislation to break up the banks?” van Onselen asked. “Yeah”, Thistlethwaite said. “There’s a whole host of people who argue that we should break up the retail banking sections, so deposits and mortgages, from the wealth management, the insurance that they’ve added on over recent years, and it’s an approach that was taken in the US, it was watered down unfortunately by Bill Clinton [who in 1999 repealed Glass-Steagall]. It’s something that they’re doing...
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Disqualification Register Page Content http://www.apra.gov.au/CrossIndustry/Pages/Disqualification-Register.aspx This page contains a current list of individuals disqualified from holding prudentially significant roles within APRA-regulated entities. Last Name First Name Date Effective Act & Section Entity - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Maxwell Business Equipment Hire Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Raja Super Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Duval Consulting Group Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Mogdon Investments Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) B & C Wood Management Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Buner Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) DR Glass & Glazing 24 HR Glass Trading Pty Ltd - - 16...
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Not a happy story for customer victims of bank fraud and tainted financial advice   generated by bankers.     Banks failing ‘not a happy story’ says ASIC Australian Financial Review Mar 17 2017 6:41 PM Alice Uribe   http://www.afr.com/business/banking-and-finance/financial-services/banks-response-to-bad-advice-not-a-happy-story-says-asic-20170317-gv0iwj   A furious corporate watchdog says the country's biggest financial institutions are failing to share information with the regulator and other firms about "bad apple" financial advisers, and not conducting proper background checks on advisers.  On Friday the Australian Securities and Investment Commission released a damning review into how Australia's banks and financial services firms dealt with inappropriate adviser behaviour.  It found serious deficiencies with the ways the firms conducted background checks on advisers and shared information on adviser misconduct with other firms who may employ terminated advisers.  The review also revealed that financial institutions often leave too much time between the discovery of a breach and its reporting; in one...
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Johnny Appleseed did it?  This is the Banker and ASIC SPIN   A few bad apples?  It’s a dodgy  Bank Orchard filled with financial adviser's who were taught by banks to sell developer investments.  Wait until the FA's find the courage to speak out and BLOW a very big WHISTLE on bank developer clientele!!! 18 March 2017 Adele Ferguson   http://www.smh.com.au/business/banking-and-finance/a-few-bad-apples-its-a-dodgy-adviser-orchard-20170317-gv0htc.html   It's the stuff of nightmares for customers. A report by the corporate regulator into the financial planning arms of the big four banks and AMP found 185 planners were "dishonest, illegal, deceptive and/or fraudulent" in their dealings with customers.  So far 26 have been banned, 60 are no longer in the industry and in 10 cases there was insufficient evidence.  But at least 75 are still at large, offering financial advice to their unsuspecting customers.  We don't know who these advisers are or where they are working. ASIC won't say. What we...
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Peter Kell chokes in his weeties and promises to have another attack of the “willbees.”  We will be doing something in future….maybe ten years from now………….. 'I'm gobsmacked': Banks fail to comply with unfair contract legislation  Cara Waters 8 March 2017 http://www.smh.com.au/small-business/finance/im-gobsmacked-banks-fail-to-comply-with-unfair-contract-legislation-20170308-guu00o.html  A review by the Australian Securities and Investments Commission and the Australian Small Business and Family Enterprise Ombudsman has found the big four banks have "substantial work to do" to comply with their obligations under unfair contract terms legislation.  One of the government's key measures for small business was the extension of the unfair contract term protections for consumers to cover standard form small business contracts entered into or renewed after November 12, 2016  But the review by ASIC and ASBFEO of small business loan contracts from eight lenders found they had failed to eliminate unfair terms from their loan agreements.  "I'm gobsmacked really," ASBFEO Kate Carnell says.  "The...
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What an insane guy is our Prime Minister – Malcolm Turnbull.  King of the Thought Bubbles.    We are in the middle of a PUMP and DUMP Property Bubble ready to implode, and Mad Malcolm suggests the way to solve the housing crisis is to build more homes!!!  At least (and at last) he acknowledges we have a CRISIS!  Construction crews are worked to the bone producing more homes – mainly CBD Dog Boxes.  One room units for a ‘low $990k.’  Problem is PM, people have been stitched up by humongous Bank DEBT, generated by Interest Only LOW DOC Sub Prime Loans.  Older people are targeted by BANKERS to encourage them to buy a second home on low interest rates using own home equity.  Now BANK rates will swing upwards and BINGO…..those trapped into cross-collateralisation sub-prime lending scandals, will lose their own home PLUS they will lose the actual investment home that...
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   ASIC FAILING TO REIGN IN THE MAJOR BANKS  ASIC CHIEF and their five equally useless Commissioners are intentionally failing to understand their core responsibility of Consumer Protection. ASIC and APRA think their core job is to protect PM Turnbull's beloved Neo-Liberalism FREE MARKET system of destruction of the very lives of ordinary citizens. The plan is to enable the Banker criminals to earn $10 million a year from running these PONZI Fraud's. So easy to see and understand thanks to BFCSA and its Member's long time commitment to uncovering these crimes. FRAUDULENT LENDING PRACTICES by Australian BANKS have been RAMPANT for over 15 years. ASIC were instrumental in LYING TO PARLIAMENT at every turn over that period.  Twenty-Two Inquiries full of lies and denials of SYSTEMIC ISSUES and thereby covering up the truth. Australia has become a complete embarrassment to the rest of the civilised world. Corporate Cop Gregory "Evilious" Medcraft,...
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Westpac, ANZ donate $6 million to charity over foreign exchange breaches Sydney Morning Herald March 15 2017 - 1:44pm Mathew Dunckley   Banking giants Westpac Banking Corp and the Australia and New Zealand Banking Group will donate $6 million to charity and submit their wholesale foreign exchange arms to independent scrutiny as part of a settlement with the corporate regulator. The Australian Securities and Investments Commission on Wednesday announced it reached a deal with Westpac and ANZ to set up so-called 'enforceable undertakings' that will commit the banks to good behaviour after problems were discovered in their wholesale foreign exchange businesses. An ASIC investigation into a five year period between 2008 and 2013 bound both banks failed to have systems strong enough to spot inappropriate conduct identified including the disclosure of confidential client trading information to external traders through the use of code names. "The foreign exchange market is a systemically...
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National Australia Bank restructures private bank; ANZ locks down wealth sale Australian Financial Review Mar 16 2017 12:15 AM Sarah Thompson, Anthony Macdonald, Joyce Moullakis   National Australia Bank is overhauling its private banking division in a move that will prompt redundancies. Street Talk understands the bank is spilling the roles of almost 20 private bankers as it realigns the unit to focus more on ultra high-net-worth and high-net-worth customers. Those bankers will face either redundancy, redeployment or can apply for 27 newly created roles. But it is unclear if the new positions are at the same level of those being cut. As part of the shake-up, NAB is introducing a sub unit which will act as a direct private bank in which employees will only deal with customers via digital and phone channels. The moves are said to be related to NAB segmenting higher quality customers from those the bank...
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Rate cuts dismissed as house prices ‘defy belief’ The Australian 12:00am March 16, 2017 Daniel Palmer   The chief economist of one of Australia’s largest banks has ­issued a stark warning on housing markets in Sydney and Melbourne, saying prices are so high they “defy belief”. The candid assessment by the National Australia Bank came as it also predicted high property ­prices would force the Reserve Bank to keep interest rates at their record low of 1.5 per cent throughout the year. NAB chief economist Alan Oster warned yesterday that housing price growth showed no signs of slowing, and that growing concerns about financial­ ­stability and household debt led the bank to ditch its earlier ­forecast for two rate cuts this year. It’s the second change to the bank’s forecast in as many months. “The housing markets in Sydney and Melbourne continue to defy belief in 2017, with property prices showing...
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Property investors 'materially dependent' on rent face steep rate hike Australian Financial Review Mar 15 2017 11:00 PM James Eyers   Property investors who are "materially dependent" on income generated from renting their property face steep increases to interest rates in the coming years, as banks respond to global regulatory changes that will require them to hold higher levels of capital against such loans. An alarming report published by JPMorgan on Wednesday says regulatory reforms known as Basel 4 will require banks to hold up to five times the amount of capital against investor loans materially dependent on rental income to repay the loan. This could lead to interest rates for loans to investors with deposits of less than 20 per cent rising 3 percentage points, lifting from the present rate of about 4.5 per cent to 7.5 per cent – even if the Reserve Bank of Australia keeps the cash...
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