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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: Mortgage Protection Packs: How to AVOID BANK FRAUD before you sign in 2014

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Aussies just want a fair go, so here are a few tips to ensure all Australians about to sign a Mortgage Application in 2014, are prepared enough to ask their Lender some serious questions BEFORE SIGNING.  Before you sign, tell the Mortgage Seller - these are MY RULES:

1.  Demand the Broker or Bank Manager immediately hand you two copies of Loan Application Form ("LAF") and sign both and RETAIN the second original document for your records.  Ensure the LAF is 11 pages (not the usually presented three pages).  Its a bank scam.  Refuse to hand the signed original over unless there is an ORIGINAL COPY for YOU.

2.  All prospective borrowers MUST receive a phone call from LENDER asking "How much do you earn."  If Lender does not do this after you have submitted the Loan Application Form....then cancel the LAF as a document and process and tell them the reason being "we suspect this loan was being of SUB PRIME character.

3.  Ask the seller of the product: "Is there a "honeymoon" rate in the contract?  If YES - WALK AWAY and say NO THANKS........................

4.  If applicable, WRITE in your own handwriting on any page of the LAF:  "I do not have current ABN number....." BIG letters at TOP of Page.

5.  In own hand writing number every page on both originals

6.  Ask the seller of a SERVICE CALCULATOR to "calculate your true net income" If they say NO, write in your own hand writing on any numbered page, the words: "I understand no service calculator will be used and MY NET INCOME IS $xxxxxx"

7.  Tell the seller: "These are my rules......"

Based upon the experience of many in dealing with Major Banks, we HAVE DEVELOPED A PACK of safety tips for those wishing to sign up for a mortgage this year.............................please JOIN US and ask for your Member Pack, before you sign an application for a mortgage or credit card.

BFCSA Members wish every Banker involved in SUB PRIME LENDING an UNHAPPY NEW YEAR and,



It is critical for YOU during that most important first year to ensure, NO FRAUD TAKES PLACE.

Our design is to set the rules by which Banks have to play with BFCSA FAIRNESS and together we will achieve that which four regulatory bodies have been unable to achieve.   Fraud is rife.  100% of LAFs we have investigated are fraudulent, rendering the loans TOXIC. 

To all our members, we offer more solutions to push forward in the New Year and including our resolve to RE-OPEN all files for a CLASS ACTION.

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  • doyla66
    doyla66 Tuesday, 14 January 2014

    I can only hope this is intended as humour, . . . . .seriously, no one is out there trying to rip their clients off, not a bank lender and not a Broker, we are all trying to settle deals and get paid, and make the process easy for the customer. All this kind of scare mongering is doing is creating false uncertainty in borrowers who should be trying to understand the whole process not focus on putting a hand written number on each page. i think that the credit proposal and guide should settle any borrowers doubts about the product selected, and even if it is a honeymoon rate, the end result is the customer saving money.

  • Denise
    Denise Tuesday, 14 January 2014

    Excellent spin Andrew and with all due respect you probably do not realise that the product you are selling/promoting does not save you money. Ah yes in the first 12 months maybe and then whammo the GRAND-DADDY OF FEES emerge and every member reader is now complaining that "after 5 years of paying and paying and paying higher monthly payments which were so unaffordable, they have paid nothing off the loan. Not good financial planning advice at all. So now we have the industry ADMITTING the tricky honeymoon clause buried deep in the dark side of these loans. You doubt me? Then why is it that these people genuinely did not expect this to occur...never told, never explained, do not know each other, cannot collude - evidence is overwhelming of foul play at the top of the Banking Chain: The Masters of the Banking Universe. I am sorry Andrew, some days I just weary a little from picking up the debris of people's shattered lives and the misery this LOW DOC PRODUCT GAME has caused. Yes you are all trying to settle deals but it is a TOXIC product and I accept you do not realise yet how slick this product is. If you are a Banker - you are about to be exposed. If you are a Broker m- time to really focus on the merits of the product and if I were you cease selling them. But watch the two Inquiries this year in the Senate. You will learn a lot from the exposure of these activities. Yes indeed number every page.....The Banks will say but if clients number pages they would smell a rat.....hmmmmmmm and the 11 page LAF is revealed. [email protected]

  • doyla66
    doyla66 Saturday, 08 March 2014

    Australian Mortgages are risky business - consumers have few "rights", under Rule of Law Aussie style

    You have to be assertive and insist on your rights in all financial dealings now in Australia.
    This is because our regulators have been lax due to the Government belief that we can and should look after ourselves: caveat emptor. In other words, "not my problem if you get screwed in a financial transaction".
    If you have to demand your rights at the front end of a mortgage contract, when everyone should be nice to you, just imagine how tough you have to be to get your rights at the back end, when some Bank staff try to be as cold and uncaring as they can to frighten you into handing over your hard earned money or the keys to your home! Not to mention all the hassles you'll have with FOS, ASIC etc and years of legals etc for small discount on your completely illegal mortgage!
    Don't risk it - avoid buying now. The risks to consumers are far too high and there's not enough protection in Australia for such an important 30 year financial commitment.

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