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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: My Story - I was a first home buyer.... 6 years later ING Direct trys to blackmail me to drop my complaint..... I declined.

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After watching Denise’s segment on today tonight in 2012 I was relieved that maybe just maybe it could be a step in the right direction for me. This July 6 years ago, I approached a mortgage broker (was an ex work colleague) to help me or guide me in the possibility of going for my first house loan. Well can I just say it was a shambles to say the least. I from what I can gather I applied for a preapproval loan based on a generic style form he presented me. I never received a copy so I couldn’t actually give you the details. The loan was to be conducted through ING direct and apparently preapproval was granted based on the income I told him I earned. He also encouraged me to go on a 4 year fixed loan as he used scare tactics that the interest rates would go through the roof. At that point the interest rate was 8.09%. 

Again I can’t be sure what he presented to the bank. I then went on the search for a property and found one. After some weeks I presented various documents, those documents were lost and had to be resubmitted, then the contract/ loan docs came back but were incorrect and didn’t reflect what I had discussed with him. I did not have a deposit and was going for a 100% lend using my first home buyers grant as the deposit. The loan was supposed to be interest only, as I would eventually use it as an investment property if possible down the track. The docs had different amounts and my conveyance solicitor requested them to be adjusted accordingly. I was then charged a fee to have these readjusted when it was the broker and the banks mistake. 
The docs were re-presented to me, and when I read them, again they were wrong, by this time the property had gone unconditional and if I did not go through with the sale I would have to pay the vendor 10% of the agreed value on the contract ($249,000). When the docs were presented it had principle and interest, and the rate was higher than the 8.09% first agreed on. I wasn’t made thoroughly aware that rate lock existed. I had to use a bond agent for the deposit (again done by the broker whom I paid a fee) I felt very confused and really had no clue what I was in for or a real understanding.  I was relying on the broker as the expert in these matters. 
The solicitor advised not to go through with the sale unless the docs were corrected. I spoke to the broker, and then that’s when he said “Ohhh we can’t do an interest only loan on 100% lend” when first off he said we could. If I had of known this earlier I would not have proceeded. He then said don’t worry I will sort it, and sent me an email saying the bank would fix it after settlement. The solicitor said to make sure you have that in writing and I replied is email enough and they said yes. I wanted to pull out by because of all the messing about by the broker, the bank etc it went over my time to be able to do that, so I was made to feel obligated to proceed even though I wasn’t happy etc. 
The sale went through with the assurance it would be fixed and afterwards we could come off the fixed rate etc. 
Well none of what was said happened. I waited for the post for the finalised docs to come out with payment terms etc and when the loan would begin but they did not arrive.  I spoke to the bank and they claimed it went to the old address.  I asked whyyou would send them there, when I just purchased the property and was living there!
I STILL never received a copy after that phone call when they assured me they would be resent. That’s when they also informed me that my repayments were again different to what the contract said and on the day of settlement my interest rate went up to 9.39% and my repayments are $957 a fortnight. After 2 years of struggling, there was no choice but to move out, rent it to get some relief, and move back to my parents so I was not struggling as much. 
I spoke briefly to the Ombudsman and he said yes I had a case, but due to a stream of ill health and receiving information that my so called broker was asked to leave because of conduct in the workplace (he threatened fear mongering against another staff member) I was too scared to follow it up, as the Ombudsman said he (the broker) would be up for the break costs etc, and that point in time this was in excess of $20,000. I feared he’d come after me. So I’ve left it. 
I spoke to ING about their conduct, the way the docs were and the situation, but they did nothing, however I did receive a letter in the mail stating if I relinquished any claims from here on out, they would reimburse me the $250 fee that was charged for the new docs submitted. To me this was an admission that they did the wrong thing and I refused. 
The last 4 years has been a struggle financially and at times I thought I would have to declare bankruptcy and foreclose the mortgage. In a nutshell if they were upfront and honest I would not have proceeded in the first place. I’ve had the property on the market but with the way the property market is there has been no interest.
  1. ING query how have I been able to make repayments if it was maladministration and I was unable to service the loan - because my father has been helping me financially.

Now 2 years later and with Denise’s help lodging my initial submission with FOS and waiting for it to get to the investigation stage it has FINALLY reached investigation. I had to submit by today some extra info and documents, with a few more yet to still be provided once they arrive, BUT I’m one step closer. With hopefully one document that comes from the lawyer I used submitting some evidence that will work in my favour. I’m trying to stay positive and hope the outcome will be a win not only for me but for Denise and all the members of BFCSA. Wouldn’t it be nice! 

I hope my story helps the fight.
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Guest Friday, 18 September 2020