Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"


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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

Another Example of a Ripped-off Oldie: Financial System a giant Property Ponzi run by Control Frauds

  • Font size: Larger Smaller
  • Hits: 2151
  • Print

I'm 70, 3 years retired. 15 years ago I owned my own home and was a typical target for banks as a ARIP (asset rich income poor). I wanted to retire comfortably and fell for the ploy, "Why not use your home to generate more income?" By 2008 I had 5 investment properties on interest-only loans with a combined value of approx. $2m. The monthly loan costs were prohibitive; I was living frugally to save as much from my salary as possible to help cover the shortfall, but needing to use an extra line-of-credit, so "thoughtfully" pushed my way by the bank. The debt was rising and all the time I was assuming house prices would keep me afloat. During 2008 I realised how serious my mistake was. 

After selling two properties at a loss and two more involving capital gains tax, I still have my own home, thankfully, and one, small investment property for which I still owe money.  So after selling off 4 properties I am still in debt. If I add up the costs involved since I started, the total I have lost is about $250,000 in round figures. The bank has repeatedly avoided giving me the critical pages of my LAF's for me to gauge the level of deception involved. BFCSA informed me that to have that level of loans I should have been earning at least $20,000 p/a more in salary. Surely a case of imprudent lending?

To make matters worse, I have also lost 2/3rds of my superannuation which I had invested in the Rare Coin Company, which, like the banks, was manipulating its business. In their case they were over-valuing items. So, all up, I have lost half a million while the banks get even richer at the expense of ARIPs.

Last modified on
Rate this blog entry:


  • setup
    setup Wednesday, 03 September 2014

    We make the effort to become self-sufficient by investing and becoming less of a burden on our Government in our later years, and for this we are punished severely. Instead we should be encouraged and rewarded for our efforts.

    Reply Cancel
  • Time 4 Justice
    Time 4 Justice Wednesday, 03 September 2014

    It's such a common theme where the bank generated a false income figure on the LAF. I am truly stunned by just how many people like me who were strategically targeted and conned by the banks, it just has to stop and the terrible banking sins of the past must be made right. Honest hardworking families have suffered and continue to suffer, the suffering must stop, the banks have not been making super profits out of thin air, these super profits are at the expense of families who are now hurting because of the greed of the banks.

    Reply Cancel
  • ire
    ire Wednesday, 03 September 2014

    Time 4 Justice,
    I totally agree, the greed must be stopped.

    Reply Cancel

Leave your comment

Guest Tuesday, 24 November 2020