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BFCSA
MORTGAGE
DISTRESS SOS

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.
Apartment value falls outpace houses as oversupply looms The Australian 12:00am June 2, 2017 Elizabeth Redman   A looming apartment supply overhang is set to put more downward pressure on prices after apartment values in Sydney and Melbourne dropped more sharply than houses over the past month, dragging on the broader housing market. Economists warned a surge in apartment construction was likely to peak later this year and next, possibly making investors cautious about buying a property if it becomes harder to find a tenant. Apartment values across the five capital cities fell 2.4 per cent in May, according to CoreLogic figures released yesterday, faster than the 0.8 per cent drop in detached house values. Melbourne apartment values dropped 3.8 per cent in the month, while Sydney apartments fell 2.7 per cent. Unit completions are likely to reach a peak this year in Victoria and next year in NSW, according to...
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Macquarie Group ponders moving offshore Australian Financial ReviewJun 1 2017 11:00 PM Phillip Coorey   Australia's largest investment bank, Macquarie Group, is not ruling out moving offshore in the wake of the imposition of the $6.2 billion bank levy but, as of yet, has made no final decision. Macquarie, one of the five banks to be hit with the Major Bank Levy has vastly smaller retail operations in Australia than the big four and could more easily relocate it headquarters. It did not rule out relocating after senior sources told The Australian Financial Review that Macquarie Bank executives had relayed to at least one of the major political parties it was canvassing options for relocating overseas following the announcement of the bank tax in the May budget. Asked to respond, a Macquarie spokeswoman left open the option. "As we have said over the years, Macquarie consistently looks at the most appropriate...
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BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.  ASIC told Parliament in evidence: NO SYSTEMIC issues in banking and mortgages.................................................. BFCSA Members AGREE that ASIC cannot be trusted to handle consumer complaints.  Collectively we have amassed mountains of evidence of the corruption if ASIC, sustained over 8 - 10 years.  ASIC protected the Bankers and demonised Consumers and Borrowers.  I personally had over 30 meetings with ASIC executives for over 19 years.  The Commissioners have been fully briefed.  ASIC should have been asking BFCSA/RECA discover the Australian Bankers Control Fraud and Mortgage Fraud.   BREAKING NEWS.....TODAY! ASIC have told the Senate committee on Wednesday that it's finally decided to 'look into' mortgage fraud and see for themsleves "how wide spread it really is!!!"  This is despite ASIC's blatant lies to the Senate, time and again: "we can see no evidence of systemic issues!" CORRUPT ASIC have sat on a mass...
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Cranky banks urge Scott Morrison to drop aggressive tactics Australian Financial ReviewMay 31 2017 11:30 PM Phillip Coorey, James Frost  David Murray has slammed the bank levy as a "hate tax" as he and others in the banking, investment and business communities urged Treasurer Scott Morrison to tone down his aggressive language against the banks, claiming it poses a similar threat to confidence as Labor's clamour last year for a Royal Commission. Although resigned to the imposition of the $6.2 billion bank levy, the banks remain alarmed at the tone used by the Treasurer as he sells the tax as well as tough new accountability standards for executives that will be policed by the Australian Prudential Regulation Authority. Of particular concern was a story in Wednesday's popular Sydney tabloid, The Daily Telegraph, which reported the new APRA standards as "tough new rules to crack down on high-flying executives who take drugs...
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    Duped says #
    This prize prick David Murray was very much part of the scandalous cabal and reason why our fellow members find themselves in the
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Bubble, toil and Trouble?   Australia’s housing bubble turns Irish By Unconventional Economist in Australian Property at 12:10 am on May 17, 2016 By Leith van Onselen https://www.macrobusiness.com.au/2016/05/australian-housing-bubble-turns-irish/   For years, Australia’s anti-housing bubble defenders have argued that the Australian housing market is “different” because Australia had not experienced the kinds of housing supply prevalent in places like Ireland, the US and Spain, therefore, Australian values were underpinned by a chronic “undersupply” of dwellings and pent-up demand.   For example, in September 2010, CBA released a presentation entitled “Australian residential housing mortgages: CBA mortgage book secure”, which was presented to the Group’s offshore shareholders and other investors interested in Australia and the Australian banking sector. Included in that presentation was the below slide arguing that Australian housing values were justified because of strong population growth in the face of lackluster dwelling supply:     Oh what a different 5-plus years make....
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APRA's Wayne Byres rebuffs the banks on levy and says capital will rise Australian Financial ReviewMay 30 2017 11:03 PM James Eyers  Banking regulator Wayne Byres has issued a sharp rebuke to the big banks' resistance of the budget's bank tax, saying their profits are big enough to pay it and arguments it creates risks for the economy are overblown. The Australian Prudential Regulation Authority chairman also strongly suggested on Tuesday night that mortgage risk weights for the big banks are heading higher. This would result in more capital being required, pressuring returns on equity. Earlier in the revealing session before the Senate economics legislation committee in Parliament House, Mr Byres said increases to APRA's powers unveiled in the budget would make it more effective and not compromise its approach to proactive supervision, as some bank chairs had suggested. Capital for mortgages APRA will release its position on "unquestionably strong" capital...
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ASIC CORRUPTED by Australian Major Banks and Big Business from inception.    ASIC was in fact CORRUPTED by Banks and Big Business from inception. I have, over 19 Years, seen thousands of these ASIC "Buzz Off letters." Each person is told (wte) "we do not handle consumer complaints, no public interest to do so, go and get a lawyer." ASIC know that consumers who have been fleeced are left with NO funds to seek even one hour with a lawyer. ASIC's culture led this monolith of uselessness to only look down at consumers as if low-life's and nuisances. Former ASIC lawyer James Wheeldon gave evidence to Parliament 2 April 2014, as to being told to rule in favour of Insurance giants in 2005 amid threats to the Commissioner from industry: not in the Public interest and not in consumer interests re CALCULATORS. Wheeldon told them NO I cannot agree as that...
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    Duped says #
    We have all been given these ridiculous ASIC flick letters where these excuses are the norm, "not in the public interest to invest
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About time......?  Slow-coach ASIC, 19 years too late!!!! Hewson was promoting Westpoint Peacock was promoting MFS......what a nest of Vipers..................   MFS directors hit with $615m compensation order, fines, bans Sarah Danckert 26 May 2017-05-30 http://www.smh.com.au/business/mfs-directors-hit-with-615m-compensation-order-fines-bans-20170526-gwds0f.html The cabal of former directors who oversaw one of Australia's biggest financial collapses has been ordered to pay $615 million in compensation to more than 10,000 long-suffering retirees. It is believed to be one of the biggest compensation orders relating to a company collapse in Australian history with legal experts calling the size of the compensation "extraordinary". The directors of the former MFS Investment Management business and the officers of its operating entity MFS Ltd have also been banned from being company directors for varying lengths of time, and received financial penalties. The payments ordered by the courts will be directed to the thousands of retirees who put their life savings into MFS investment vehicle the...
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Altair Asset Management hands back cash to clients citing looming correction "Mortgage fraud is endemic, it's systemic, it's just terrible what's going on. When you've got 30-year-olds, who have never seen a property downturn before, borrowing up to 80 per cent to buy three and four apartments, it's a bubble." Patrick Commins 29 May 2017-05-30 http://www.smh.com.au/business/markets/fund-manager-hands-back-cash-to-clients-citing-looming-correction-20170529-gwfgua.html Australian asset manager Altair Asset Management has made the extraordinary decision to liquidate its Australian shares funds and return "hundreds of millions" of dollars back to its clients, citing an impending property market "calamity" and the "overvalued and dangerous time in this cycle". "Giving up management and performance fees and handing back cash from investments managed by us is a seminal decision, however preserving client's assets is what all fund managers should put before their own interests," Philip Parker, who serves as Altair's chairman and chief investment officer, said in a statement on Monday. The...
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Rush of Australian securitized home loans tempts yield-starved Japanese   Shocking attempt to sell rubbish RMBS bonds to Japan.   By Cecile Lefort and Hideyuki Sano | SYDNEY/TOKYO   24 May 2017 http://www.reuters.com/article/us-australia-securitisation-idUSKBN18J0JX SYDNEY/TOKYO Australia has become the world's most active market for securitized home loans, with sales at their highest in a decade as lenders seek to take advantage of surging demand from yield-starved Japanese investors The strong demand has come in the midst of a property boom that has seen Sydney and Melbourne home prices double since 2009, prompting regulators, the central bank and the International Monetary Fund to issue warnings over a potential market bubble. While a surge in securitized debt and property boom might raise parallels with the U.S. subprime crisis that led to the 2008-2009 global financial meltdown, investors say they are getting far better regulatory protection in Australia than they had in the United States back...
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RISKS OF RESIDENTIAL MORTGAGE-BACKED SECURITIES IN AUSTRALIA – LEGAL AND REGULATORY ASPECTS PELMA JACINTH RAJAPAKSE[*] IV CONTRACTUAL CONSIDERATIONS http://www.austlii.edu.au/au/journals/UNSWLawJl/2006/42.html A Notice to Borrowers   .......Securitisation via RMBS programs involves the risk that borrowers might find their homes sold by downstream financial intermediaries who have ‘purchased’ their bank’s or independent mortgage provider’s (‘IMP’s’)[123] mortgagee rights. This is not because of a failure to pay on the part of the borrowers, but as a result of some act or omission by one of the financial intermediaries in the supply chain or the insolvency of the intermediary.[124] This begs the question of whether most home loan borrowers are aware of this risk at the time of taking out their loans. Experience would indicate that most are not, nor is it specifically brought to their attention. Furthermore, if they adopt novel financing arrangements that may impact on the borrower, the banks and IMPs may have a duty...
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The Business does the coming property correction  In the wake of Standard & Poors' downgrading of 23 smaller banks because of an "increased risk of a sharp correction in property prices", ABC's The Business examines the potential fallout featuring    LF Economics Philip Soos describing the Bubble. https://www.youtube.com/watch?v=Ml5LYlFcy6Y   By Unconventional Economist in Australian Property   May 25, 2017   https://www.macrobusiness.com.au/2017/05/business-coming-property-correction/     By Leith van Onselen   In the wake of Standard & Poors (S&P) downgrading of 23 smaller banks because of an “increased risk of a sharp correction in property prices”, ABC’s The Business ran an interesting segment last night examining the potential fallout.   The most interesting guest was Chinese real estate agent, Ming Li, who specialises in selling Melbourne properties to Chinese investors.   Li claims that Chinese buyers are losing interest in Melbourne apartments due to the pending oversupply and the lack of capital growth. Li also...
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http://www.theage.com.au/articles/2002/05/10/1021002394603.html ...........Initial discussions in early 2000 led to LIXI's formation as a not-for-profit company and an invitation to all potentially interested parties - lenders, mortgage brokers and insurers, merchant bankers, technologists and others - to join in developing mutually beneficial technical standards.  The project demanded an open and collaborative development process, to which end PageSeeder, a tool that gives users the ability to cumulatively add comments to documents across the Web, was used on the group's website - www.lixi.com.au.  The CAL pilot was delivered in November 2001. .........    Australian Banks and Mortgage Brokers sell a deal to Govt. to get electronic access to title deeds Posted on Saturday, 13 October 2012   http://www.bfcsa.com.au/index.php/entry/australian-banks-and-mortgage-brokers-sell-a-deal-to-govt-to-get-electronic-access-to-title-deeds The existence of a national system to process electronic loan applications can now be directly linked to “done deals” by Banksters involving COAG and State and Federal Governments. A national electronic mortgage clearing house is about to...
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Explains the tracker....Westpac first cab off the rank.......Bob Joss CEO........  Mortgage Banking Australia Style http://www.housingfinance.org/uploads/Publicationsmanager/9906_Aus.pdf  Page 3 .....there are several Australian-specific features that are unique in the international market.  Many of these features would pose a challenge to normal securitisation criteria.....Redraw........Top Up........Portability.......Interest Offset........Product Switching..........Apportioned interest........Break charges..........Payment holidays.......Multi Borrowers.......Multi Securities (Collateral)............Combination Loans.......Securitisation and the UCCC................   Page 5 .....Westpac viewed compliance with UCCC as a competitive advantage.  It was questionable whether other Australian lending institutions would meet the deadline.......  Pages 7-8 .....Westpac developed a unique compensation program heavily weighted to learning.  In addition to to industry equivalent wages and benefits, each employee was given certain standards of performance that when achieved provided them with a certification of compliance and financial reward...........  Home loan origination process changes Instead of the customers looking at the various products and features, his or her loan requirements are entered into the computer system.  The system searches all available...
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As if the Government would do this to revered CEO's of Major Banks!!  Really?   Bank executives unhappy with accountability regime 10 May 2017 Mike Taylor’' http://www.moneymanagement.com.au/news/policy-regulations/bank-executives-unhappy-accountability-regime The Government’s new Banking Executive Accountability Regime has emerged as one of the most contentious elements in the Budget ruffling the feathers of both the Australian Bankers’ Association (ABA) and the Financial Services Council (FSC). The Government has said it will legislate a new regime which will require bank executives to be registered with the Australian Prudential Regulation Authority (APRA) and that the regulator will have the ability to impose multi-million dollar penalties on employers and expel or disqualify miscreant executives. However the real bite in the new regime is that there will be a requirement for a minimum of 40 per cent of a bank executive’s variable remuneration – and 60 per cent for certain executives such as the chief executive – to...
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Menacing by the menace!   Big bank CEOs threaten fallout 15 May 2017 Mike Taylor http://www.moneymanagement.com.au/news/policy-regulations/big-bank-ceos-threaten-fallout#.WRlJwLPt480.twitter   The major bank chief executives have begun sending not so subtle signals to their suppliers and business partners that the banks will not be alone in suffering the impact of the Government’s proposed bank levy. National Australia Bank (NAB) chief executive, Andrew Thorburn sent a clear message using a newspaper column to suggest that not only service providers but the media would be likely to pay a price. “When our costs go up we must decide whether to reduce what we spend with suppliers,” Thorburn said. “These include the people who own the properties we lease as branches and business centres; the agencies we pay to advertise our services or the companies that provide and help manage our technology”. Related News: ASIC told: Don’t name and shame without adequate proof Our systems are secure...
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Plutus: the police raids, the ATO and the real plutocrats michaelwest.com.auMay 20, 2017 Michael West   Loath as one is to invoke the utterances of Donald Trump, this “shocking”, “massive” and “disgusting” Plutus scandal which has “engulfed” the Australian Tax Office is, wait for it … #FakeNews. It is a good story; and it is real news in that the “masterminds”, and that is an heroic allegation, have no case to answer. Yes, a bunch of cowboys got greedy, allegedly had a stab at a second-rate “Bottom of the Harbour” scheme by rigging up some phoney companies to cover their tracks, partied too hard and found themselves $165 million in debt for payroll tax. It’s a big sum. Yet, as we beheld the breathless media coverage unfold over the past two days – the 28 intrepid police raids (one somehow caught on camera) the luxury cars, seized aeroplanes, racing bikes, the...
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DHS to press on with $980m 'robo-debt' expansion targeting pensioners Canberra Times May 18 2017 - 9:30pm Doug Dingwall   Older people will be the target of an expanded "robo-debt" collection measure the Department of Human Services has confirmed will raise close to $1 billion. Despite the fall-out from the government's debt collection saga, the DHS will expand the program from July 1 using information from the Tax Office about pensioners' interest earnings and asset values. Pension recipients earning interest on term deposits and income from property are expected to shoulder most of the $980 million savings burden the government has projected over the next three years from the expansion of its debt program. The department will check ATO data against the income and assets clients reported to it to decide whether to pursue debts, DHS officials told senators. DHS representatives confirmed the $980 million figure at the final hearing of...
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Bad reporting by the banks raises serious questions Analysis The Drum By Stephen Long Posted 5 Nov 2015, 6:43pm Thu 5 Nov 2015, 6:43pm http://www.abc.net.au/news/2015-11-05/long-bad-reporting-by-the-banks-raises-serious- questions/6916736   The Reserve Bank revealed today that financial institutions have substantially underreported the amount of housing loans held by investors. Not only does this lead to an understatement of the risk in the housing market, it raises serious question about the supervision of our banks, writes Stephen Long.   How on earth did Australia's banks understate investor housing loans by $50 billion?   What does it say about policy that we now have a situation where landlord loans make up 40 per cent - 40 per cent! - of all outstanding residential mortgages?   These are just some of the questions that arise from the revelations today by Reserve Bank deputy Governor Philip Lowe.   The new estimate of the investor loans apparently came as...
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Australian banks understated the value of investor loans by $50 billion: RBA By finance reporter Sue Lannin Updated 5 Nov 2015 http://www.abc.net.au/news/2015-11-05/australian-banks-understated-the-value-of-investor-loans-rba/6915488 Updated 5 Nov 2015, 3:49pmThu 5 Nov 2015, 3:49pm   A senior Reserve Bank official has taken a swipe at Australian banks for their lending standards, amid big errors in bank loan data that saw them understate the value of loans to investors by $50 billion.     RBA deputy governor Philip Lowe told a financial conference in Sydney that the central bank was concerned by reviews of loans to investors by the banks over the past six months that found "very large upward revisions to the value of investor loans outstanding".   Mr Lowe said more than 10 financial institutions, including two of the biggest lenders, found their outstanding investor loans were $50 billion, or 10 per cent more, than they previously thought. "As lenders have looked more...
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NAB faces fresh misconduct claims over false witnessing Georgia Wilkins 27 May 2017 http://www.smh.com.au/business/banking-and-finance/nab-faces-fresh-misconduct-claims-over-false-witnessing-20170524-gwcnfn.html Signing on the dotted line is considered a solemn act, something that involves the utmost care and consideration. This could be particularly so when holding a pen above a form that will determine who will rightly receive your superannuation should you die. But for financial planners, the task of getting documents signed and witnessed can be monotonous and time consuming – time that could be spent meeting ever increasing sales targets. That may explain why financial planners inside National Australia Bank's wealth division have been routinely cutting corners. In particular many in NAB's hundreds-strong workforce have apparently been falsely witnessing death beneficiary forms – legally binding documents that determine who gets a person's superannuation when they die. The practice is not illegal but marks a significant breach of the bank's code of conduct and may impact its...
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All Heck Breaks Loose in Toronto’s House Price Bubble by Wolf Richter • May 24, 2017  It’s fear.” http://wolfstreet.com/2017/05/24/toronto-house-price-bubble-pops/ During the first two weeks in May, according to preliminary data from Toronto Real Estate Board, home listings surged 47% from the same period last year even as sales plunged 16%. The average selling price dropped 3.3% from April – and this, after a 33% year-over-year spike in home prices in March and a 25% surge in April. Something is happening to Toronto’s blistering house price bubble. Canada’s largest alternative mortgage lender, Home Capital Group, which focuses on new immigrants and subprime borrowers turned down by the banks, is melting down after a run on its deposits that crushed its funding sources. The industry is worried about contagion. At the same time, the provincial government of Ontario announced a slew of drastic measures, including a 15% tax on purchases by non-resident foreign...
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Big banks' 'too big to fail' guarantee obsolete, ME Bank chief says 26 May 2017 http://www.msn.com/en-au/money/company-news/big-banks-too-big-to-fail-guarantee-obsolete-me-bank-chief-says/ar-BBBvDcm?li=AA54Gb&ocid=ientp   Mr. McPhee says the implicit guarantee clearly helped the big four banks dodge a credit rating downgrade earlier this week when Standard & Poor's (S&P) cut the status of 23 financial institutions including ME Bank. "The four major banks and Macquarie Bank weren't downgraded because of their too big to fail status so that's done nothing to level the playing field," Mr. McPhee told The World Today. "This too big to fail implicit guarantee is providing them [the major banks] with an explicit benefit and that in effect has been provided by you and me — the taxpayer." In announcing the ratings downgrade on second-tier institutions on Monday, S&P reaffirmed the status of major banks "reflecting our expectation of likely timely financial support from the Australian Government if needed". But Mr. McPhee said the...
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Banks losing battle in image repair, leaked documents reveal Australian Financial Review May 25 2017 11:45 PM Phillip Coorey   Australia's banks spent almost $7 million in a year trying to fix their image and ward off a royal commission, but the strategy had "close to zero" effect on consumers or public perception, freeing the government to ambush the sector in the budget with a $6.2 billion tax. Leaked documents, which include agenda papers from several Australian Bankers Association meetings, plus a new battle plan drawn up in April by the ABA's public relations consultants, Newgate, highlight an acute awareness inside the sector about its image problem, a frustration at being unable to combat it, and increasing concern at the level of populist parliamentary attacks. With Labor, the Greens, minor parties and independents all pressing for a royal commission, and the government imposing more regulation and accountability measures on the sector to ward off the commission calls,...
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Big mortgages squeeze home buyers' basic living costs Australian Financial Review May 22 2017 11:00 PM Sally Patten   Borrowing six times a household's salary to buy a property would make it difficult for many people to cover even basic living costs, says financial adviser Adele Martin of Firefly Wealth. Ms Martin said that borrowing such a large multiple of income could trigger a debt spiral as homeowners turned to credit cards to pay for both unexpected and everyday living expenses. The problem would be exacerbated by a rise in interest rates, she said. "At six times salary, with any rise in interest rates, any unexpected expenses, like a vet bill, are going to cause trouble. It could get people into a credit card debt cycle that is hard to get out of," Ms Martin said. She was speaking after a report by investment fund JCP Investment Partners found that the...
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