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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: FIRSTMAC & GE MONEY Emails from Bank BDMs direct to all Mortgage Brokers nationwide = Toxic Loans

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FIRSTMAC  3 May 2007    BDM to  broker

“For LOW DOCS in LVR band 70 to 80%, if declared income is greater than $50,000, the ABN needs to be registered for GST.

For NO DOC loan LVR 70% or less: NO GST registration required.

For Max True:  100% loans with no LMI payable by the client: $50,000 loans to $1 million.

X Value: Splits available Max LVR 97%”

FIRSTMAC    17 Sept 2008    BDM to  broker

“Invitation to Comm Broker Training”   “Our generous HomeRun08 servicing calculator allows for neg gearing on Lo Doc.”

“100% loans – no LMI payable by borrower”

“PAYG LoDoc  No Commission reductions.”

JUMBO Lo Docs up to $2.5 Million”


GE MONEY   3 May 2006   BDM to all brokers

Paid defaults > 2 years ignored.  Under $500 ignored

Max Loan size $2.5 million


GE MONEY  7  May 2007   BDM to all brokers

Low Doc and No Doc

12 months ABN minimum with GST (if applicable)

40 year P & I loan

Low Docs must be unregulated


GE MONEY   19 April 2007   BDM to a broker

Try  Australiawide Private Mortgages

They will do $5 million up to 75% LVR Low Doc

18 mths ABN, clean credit required    1300 668 831


GE MONEY   18 September 2007   BDM to all brokers

Our 1 day ABN product keeps getting better

No LMI payable

No commission or LMI clawback

Backed by AAA rated company one of only 8 globally!

Let GE and your BDM provide you with great service!

I will return your calls within 2 hours or small gift is yours for free.

To broker:  “Am I still visiting you on Thursday to write up some more GE Apps?”

Broker:  “I am looking at non insured Low doc 90%”

BDM:  “I can help anytime, would love to write up loans, but would prefer they were GE loans….”


GE MONEY   10 January 2008   BDM to all brokers

Refinances?  No limit on number of debts.  We refinance up to 90% LVR, No LMI

Our credit policy has not changed.


GE MONEY   11 March 2008   BDM to all brokers

Great news for you if you have Lo Docs deals pending with Macquarie Bank.  GE Money is now accepting Macquarie Bank applications for priority assessment………GEM team is waiting to process your Macquarie bank pipeline deals today.


GE MONEY   14 May 2008   BDM to all brokers

Recent turbulence in Australian mortgage lending landscape, including the withdrawal of Macquarie Bank and the uncertainty of Bluestone this week has highlighted the strength and position of GE Money.  If you have non-conforming apps in the pipeline with Bluestone you can now submit that deal to GE Money.


GENWORTH  20 June 2007   to all brokers

Mortgage Trends in Australia. 

Consumers may not possess product knowledge to consider 100% mortgages……only 16% of 2000 Australians surveyed believed they would be able to enter the market of home ownership within next 12 months.


GENWORTH  9 October 2007   to all brokers

Low Doc Lending in Australia.  Low doc market expected to reach A$58.4 Billion by 2011 and is growing at 9.6% annually.

Main factor: growing number of self employed workers.

Australian workforce statistics showing that over 39% of workforce deemed to be self-employed.


Report highlights:  arrears rate approx double that of standard loan.

Whilst greater risk – loans offered to self employed….. risks offset by LMI

Recent US experience led to some confusion:

     Difference between Prime Low Docs and Sub Prime Low Doc loans


GMAC RFC   3 January 2008   BDM to a broker

As per conditional approval dated 21/11/07 please provides us with an updated Lo Doc declaration.

{this suggest that previous dec wasn’t sufficient to meet servicing, so could have been re-jigged]



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