Our story:  Credit Assessor Clayton C. and Loans Manager Hugh M. both employed by Legacy Financial Services at time of our loan approval. Lender was Australian Executor Trustees Ltd. 

In 2007 we applied for a small investment loan through a broker with the intention of boosting our retirement funds, as we did not have any super and did not want to depend on Government assistance.  Well it all back fired on us big time and we have been suffering ever since. 

Little did we know that our broker was trained by the lender to deceive us and lead us to destitution, but the broker and bank gain financial benefits at our expense.  Simply applying for a loan should not have put us in jeopardy of losing our home. This loan approval has changed our life from being comfortable and happy to a living hell. 

Our 30 yr loan should never have been approved as our small Centrelink payments could never sustain a loan of this magnitude.  We NOW realise that we were conned and deceived via our Loan Application Documents. 

We believe the Credit Assessor, Clayton C.  tampered with details on our Loan Application forms inflating our income figures and falsifying our employment details using a Bank engineered Service Calculator belonging to Seiza Capital without our knowledge or consent and the Loans manager Hugh M. verified the fraudulent information inside the bank with their tick a box list. 

What right do the bank officers have to change important details and wreck lives? Who gave them permission to tamper with our documents and without our knowledge for that matter? 

We were unsophisticated when it came to investing and our bank has neglected it's statutory duty and ignored  their own consumer credit codes.  We have been  plunged into the depths of despair and now we are looking into the face of destitution.

The blatant deception used to approve our loan is nothing short of criminal intent.  

We trusted that the Banks worked to a high standard of honesty and integrity, but nobody from the bank has ever made a phone call to us to check and verify that the information on our loan application forms was true and correct.  Had this occurred the fraud would have been discovered right away, and the approval of the loan would not have proceeded... More importantly, we would not be living this nightmare today.  This loan was deceptively approved without duty of care by the lender and affordability was not present at any time. 

The lender had the power to stop the fraud instantly and yet allowed the loan to proceed despite our very small Centrelink income which could never support payments of this magnitude. We were set up to fail.

ASIC is lying to Parliament when it claims there are no systemic issues. 

Discrepancies on our Laf's
Our income figure was increased 10 fold and our employment details were altered to say that we were property developers when we were in fact  centrelink recipients.  

Royal Commission into the financial and banking sector is needed urgently.

Ali