In October 2009, St.George approved a loan to us of $416,700, for a term of 25 years, involving a new rental investment property, leased at $530pw.
At that date I was aged 71 years, not employed and receiving part Age Pension.
Needless to say, we now find out (since becoming aware of Bank Fraud and joining BFCSA) that our Loan Application showed lots of false information about our “income”- e.g. shown as earning a salary of $150,000, - all blatant lies, which even carried through to the list of Assets on the page headed “Financial Position”- wherein it states we “owned a boat $5000” (never have) and had “Business Equity of $150,000”- more blatant lies.
In September 2011, we applied to St George for Hardship Assistance” as we were under extreme financial pressure to maintain repayments, and had sold my wife’s car plus shares, and used all of our cash...