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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 - One Direct Home loan (owned by ANZ) recklessly approves $750,000 on NIL INCOME

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My story is about ANZ systematic fraud/ malpractice aiming to illegally take my equity in a property far exceeding $190,000 while I had completely and honestly stated that our family income was $0 in the Loan Financial Position of our LAF.

The following is an extract of my letter to the Senators for submission to the Inquiry into ASIC's performance

The Facts:

  • In November 2009, I planned to refinance my existing mortgage for generate income to meet our needs and objectives.

  • On 4 Nov 2009, our loan consultant from One Direct told us that: “As you got sufficient equity in your properties, we can lend you $750,000. As it is Low Doc Lending, it won’t be matter whatever your income is. You can even just put zero income in your Statement of Financial Position form and our bank should have no problem with assessment.”

  • On 8 Nov 2009, we did so and faxed to One Direct according to his instruction. Then we received the “letter of offer” even though banks knew $0.00 income which was clearly printed in our “Statement of Financial Position” with signatures faxed to One Direct.

Our Statement of Financial Position (SFP) was as follows: (see attachment: SFP )

  • $0.00 of our income,

  • $7,420.00 of expenditure,

  • $1,277,625.00 of assets, and

  • $614,394.00 of debts to One Direct.

  • On 19/11/2009 we obtained a loan from One Direct of $750,000 mainly for business or property investment purposes with the limit increase of $134,361.85 from $615,638.15 (see attachment)

  • However after settlement, One Direct and ANZ Complain Centre limited the funds to pay the bank’s interests only until default (see attachment).

  • On the other hand, they completely abused their power in depriving us of our most basic contractual rights to making any investment.

What did above facts prove?

  • At the time of application the bank credit assessors intentionally misled borrowers into contract disregarding their affordability. They were only interested in the amount of equity in the property the banks could eventually prey.

  • Our loan is unjust and/or unsuitable as bank’s Total Failure of consideration under

1.      Clause 10 of Prudential Practice Guide 2008 of Australian Prudential Regulation Authority (APRA).

“10. For the purpose of defining a standard eligible mortgage, one of the  criteria detailed in APS 112 is that the ADI has, prior to loan approval and documented as part of its origination and approval processes, assessed and verified the ability of the borrower to meet its repayment obligations. In general, this would require the ADI to assess and verify all material income sources and employment details of the borrower.” 


2.      Code of Banking Practice amended 2004


1.1               2.3 In meeting our key commitments to you,we will have regard to our prudential obligations.

2                     25.1 Before we offer or give you a credit facility (or increase an existing credit facility), we will exercise the care and skill of a diligent and prudent banker in selecting and applying our credit assessment methods and informing our opinion about your ability to repay it.


We wish to claim compensation on the following basis:

  • All interests paid with toxic loan (otherwise it would not have happened without toxic loan) are fully refunded

  • All set–up costs are refunded, including any interest charged on those costs;

  • All default and late fees and enforcement costs are refunded;

  • No default listing made on my client’s credit report.

Yours faithfully,

Jack J.


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  • doyla66
    doyla66 Saturday, 01 February 2014

    Yep can't even get the ones and zero placements right in their own binary code and ended in a real bind haven't they?

  • doyla66
    doyla66 Thursday, 13 March 2014

    Banking Ombudsman

    I took an issue I have with ANZ here in NZ to the banking ombudsman.
    The Ombudsman found just this month that ANZ had not conducted any assessment of my company's ability to pay its loan. The Ombudsman also found that ANZ breached its own lending policy and the lending code obligations.
    ANZ have reckless lending practises simply because they can. There is no consequence for their behaviour except to refund fees and interest. The Association code - not worth the paper its written on.

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Guest Thursday, 24 September 2020