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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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BFCSA: COMMONWEALTH BANK continues to profit from FRAUD: CBA borrowers stung in switch

Posted by on in ROYAL COMMISSION URGENT
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CBA borrowers stung in switch

The Australian 12:00AM February 14, 2018

 

Commonwealth Bank will hit some home loan customers with tens of thousands of dollars extra in interest charges by extending the life of loans.

The lender, which has the biggest share of the nation’s mortgage market, has notified borrowers of changes to repayments and ­to redraw balances, some of them beginning this week, the Herald Sun reported last night.

The changes come as the royal commission declared home loans, car loans and credit cards would be put under the microscope at its first public hearing next month, with the inquiry ­already uncovering evidence that lenders may have breached the law by failing to treat borrowers “honestly and fairly”.

CBA will now automatically ­reduce minimum mortgage repayments for customers if their interest rate falls, the newspaper reports. Borrowers who want their repayments to remain at the original level will have to “opt in” by manually increasing their direct debits.

If they do not, they will end up paying more in interest charges and paying off the principal at a slower pace.

And the Herald Sun reports that the bank is changing its formula to calculate the minimum weekly and fortnightly mortgage repayments.

CBA is also restricting the way ­customers can dip into their redraw accounts, where additional repayments on their loan are held. This includes only allowing customers access to their redraw funds once their full monthly repayments are made on their loans.

A CBA spokeswoman told the Herald Sun charges would provide more “flexibility” to customers.

 

 

 

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