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BFCSA: My Story - If the Bank had followed its obligations under the law (introduced in 2010) they would have refused any loan until I had employment....

Posted by on in Toxic Financial Products
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In 2010, I received settlement on my divorce and approached Maquarie Bank for a loan. I told them that I had lost my business - my divorce has undermined my enthusiasm for anything - and it has been sold.

I advised them that I was unemployed - stated in writing, and was moving out of Sydney to cheaper housing. At the time, I was 55 years old.

I was probably depressed, certainly upset, that I had lost both my marriage, long term dwelling and business in the space of one year. I combined all my savings - they gave me $480,000 on a 30 year loan, with the full knowledge that I was unemployed.

The only thing that saved me, was I put my retirement savings from super (I was 55) into the offset account.

At the time, I believed I would get work. I had been employed consistently for 20 years and had no idea how hard it was to get work, as an older person. I am now 58, its no easier.

Originally I asked for a small loan to buy a modest house. The broker said, get a big house, values are going up, and put your retirement savings into the offset, and buy another property down the track.

I realised that I had been sold a pup. Between the broker (who said, spend  as much as you can) and the Bank, they allowed me to signup for a loan that I was clearly incapable of servicing, because I am unemployed. The best I have been able to manage is a few hours a week (some weeks) doing copywriting. In fact, I have not paid any tax over the last few years, my income has been so low (I don't receive a penny in welfare).

In the meantime, the market collapsed. My retirement savings are slashed by about $100,000.

If the Bank had followed its obligations under the law (introduced in 2010) they would have refused any loan until I had employment. Looking back, I can see that the loss of my marriage and business drove me into a depression, where I just wanted some security. If the Bank had followed they law they would not have given a 55 year old, unemployed man, moving to an area of high unemployment, a $480,000 loan.

They acted against the law, and I am the (much) poorer for their willful negligence and breach of Australian law. My case is infront of FOS.

To survive, I have rented the house out and I am living rent free on a farm in return for maintaining the place.

I do not claim any welfare of any sort.

Kind Regards

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  • doyla66
    doyla66 Thursday, 13 March 2014

    Thanks for sharing, Donn. Maybe some of this may be useful in your FOS case. I read somewhere on the ASIC site that making major financial decisions within a period of time after things like divorce, accidents and deaths was not recommended. I can't find where is was - such a complex site. Not that it helps you now but the broker and the Bank would have known your situation. If they had been behaving responsibly they should have counselled you on the wisdom of waiting a while until you were in better shape to make major decisions like a 30 year mortgage. It sounds like the broker/Bank may even have exploited your situation by upselling you to a bigger risk for their financial benefit - classic caveat emptor thinking from the snake oil salespeople.
    I was approached by my Bank about refinancing while I was obviously suffering from grief and loss. I've learned this was totally the wrong thing for them to do as I wasn't even looking to refinance and it never occurred to me that my Bank would ever do the wrong thing because they were ridiculously conservative about banking. Seems I was completely wrong - really Jeckyll and Hyde stuff, inconsistent and unpredictable. Trust has gone.

  • doyla66
    doyla66 Thursday, 13 March 2014


    I 2 was preyed upon at a very traumatic time in my life.
    Not thinking straight.
    In shock
    Suffering from road trauma
    Banking bastards

  • doyla66
    doyla66 Thursday, 13 March 2014

    Add me to the not in control of proper thinking list for I then was widowed - distraught - health and stress levels shot to bits - unemployed - on a widow allowance - had not worked f/t for 17 years. I was not looking to re-finance with anybody and certainly did not expect for approval to be given once spotted and lured let alone with a $150k surprise added . Have just today noticed an on-line ANZ breakfree brochure which states a condition of approval is one must have another a/c with a balance of $150,000??? Can’t recall anything re that being mentioned in 2006 when I signed approval forms although I never had one of those brochures either but I did ask how and why that was approved to be told "just in case needed so you buy an investment property or do some renos or take a holiday.........". It's just like going to a casino and being given a pile of gambling chips if you take out a mortgage with anybody these days for the odds are always stacked in the favor of those evil wolves in sheeps clothing. What I do know is that ANZ fleeced me out of a good few lifetimes of roast lamb dinners and I for one can't wait until it's pig on the spit time. With bad apple sauce on the side of course!

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