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BFCSA
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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA: Narev and CBA's suspected 4.99% scam. Exit fees renamed?

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Just when you think the best advice is never to trust banks, they do something that makes you want to TRUST THEM LESS.  Before you sign up for a FIXED RATE 4.99% yahoo ride..............................5 years and you are done!  Just read the FINE PRINT.  Banks love to whack an exit fee (these days can be disguised in another name) so that in order to refinance or pull out prior to 5 years you know exactly what the cost is.  We have seen previous products at $30,000 penalty!  Please check the contract before you sign and then ask us what it means if you suspect a nasty.....   Remember banks are self-regulated and take no notice of Government = NO REGULATION.  Its back to 1950's BUYER BEWARE for consumers of financial products and services. And you enter at your peril in a sea of TOXICITY.  There  is no such thing as Consumer Protection in Australia as laws lay dormant - unused.  No-one has money for lawyers.

 

http://www.smh.com.au/business/banking-and-finance/mortgage-war-erupts-as-commonwealth-bank-nab-westpac-cut-fixed-rates-20140723-zw1qd.html

 

Mortgage war erupts as Commonwealth Bank, NAB, Westpac cut fixed rates

Banking and Finance  Clancy Yeates

Date July 23, 2014

Commonwealth moved first, slashing its five-year loan to 4.99 per cent, a new low for the bank.

Within hours NAB and Westpac had responded by matching the CBA's five-year rate. NAB also cut the rate on its four-year loan to 4.99 per cent and its three-year product to 4.94 per cent.  For a five-year fixed loan with a balance of $400,000, the CBA's reduction lowers monthly repayments by $166 a month, RateCity said.  The moves are the latest signs of rivalry between banks in the $1.3 trillion mortgage market, but also reflect changes in global financial markets.

The Commonwealth Bank’s general manager of home loans, Clive van Horen, said it had been able to cut fixed interest rates because of changes in global money markets which had made it cheaper for banks to raise longer-term funds. He also argued it was a sign of fierce competition.  There’s probably more competition today than there’s been in many, many years - some people would say many decades,” Mr Van Horen said.  CBA's reduction comes the bank was last month slammed by a Senate inquiry into a fraud scandal in its financial planning arm, which occurred between 2006 and 2010.

Fixed rates are influenced by the outlook for the cash rate - which the Reserve Bank has left on hold at a record low of 2.5 per cent for almost a year.  Since June, money markets have increased their bets the central bank will cut interest rates further in an attempt to stimulate the economy.  These were bets were wound back slightly on Wednesday, after the annual rate of inflation hit 3 per cent in the June quarter, the top of the Reserve Bank’s target zone.

ANZ Bank interest rate strategist Zoe McHugh said markets were pricing in a 35 per cent chance of a 0.25 percentage point cut from the Reserve by December, and a 50 per cent chance of a cut by February.  Although ANZ and most banks think it is more likely the Reserve will leave rates unchanged, Dr McHugh said investors were concerned by weak consumer confidence and the stubbornly high dollar.  Relatively few customers currently take out five-year loans, but Mr van Horen said he expected an increase in sales of five-year loans after the latest cuts.

NAB's head of retail banking, Gavin Slater, said the bank had experienced stronger demand for fixed-rate products over the last 12 months.  “We know many home owners are looking for certainty, whether they are investors or first home buyers, and NAB is offering that through these market-leading fixed home loan rates,” he said.

Director of interest rate comparison website Mozo, Kirsty Lamont, said banks including ME Bank and NAB-owned UBank had recently cut longer-term fixed rates, and she predicted more reductions from other lenders.  "This year the competition has centred around shorter-term fixed rates. We've seen some signs lately that lenders are starting to increasingly compete around the longer terms," she said

Read more: http://www.smh.com.au/business/banking-and-finance/mortgage-war-erupts-as-commonwealth-bank-nab-westpac-cut-fixed-rates-20140723-zw1qd.html#ixzz38OdFbKHZ

 

 

http://www.businessinsider.com.au/australias-top-banker-has-a-clear-warning-on-sydney-property-prices-2014-7

Australia's Top Banker Has A Clear Warning On Sydney Property Prices

Greg McKenna  Jul 3, 2014

 

RBA Governor Stevens speech in Tasmania this morning was wide ranging and one topic he touched on was the state of housing in Australia.  Stevens was fairly sanguine on the outlook for housing at the moment but did give a warning on Sydney property price which reminded me of 2003 all over again.

On the positive side Stevens said that “with dwelling prices having fallen between 2010 and 2012, some recovery was not in itself particularly cause for concern, certainly not initially.”  So it was no problem unless prices just keep rising and expectations lead to “overconfident expectations of continuing gains.” However he noted this is not a problem saying “to date the amount of new borrowing does not appear, overall, to be imprudent.”  But notwithstanding all of the above he gave a very strong warning to Sydney property owners and buyers:

investors should take care in the Sydney market, which is the main area where a large increase in borrowing has been occurring. The total value of credit approvals for investor loans in New South Wales as a whole is about 130 per cent higher than in 2008, and it is in the investor segment where there has been evidence of some increase in lending with loan-to-value ratios above 80 per cent in the past couple of quarters.

To reinforce the message – just in case anyone missed it – he added.

in forming expectations about future price gains and deciding their financing structure, people should not assume that prices always rise. They don’t; sometimes they fall.

Property investors, you have been warned.

 

 

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