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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: Denise's Tips for signing mortgages this week. Beware of Bankster Tricks

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Australian Major Banks are running 80% of the Mortgage Frauds across the nation.  Bank Engineers do so via the use of a service calculator named SPEEDY and, all loans are approved by SKIPPY THE COMPUTER.  Firstly, the best interest rate is a possible trick.  It could be a "Honeymoon" Rate.  Demand to take the contract home to read before you sign the Loan Application Form ("LAF").

Ask your own lawyer to read and explain the bank's contract to you before you sign the Loan Application.  That will give you some protection.  Never trust the bank's lawyers.....they draw up the contract.  Do not trust these lawyers.  Seek independent legal advice.  Ask whether the document contains the right of the bank to vary the interest rate and is their a cap on rate hikes?  Is the initial rate a Honeymoon Rate?

Modify the contract and take back to the Bank and suggest: "I will sign with you for a loan providing these clauses are deleted?altered as suits my needs and safety."

If the bank tells you you need more deposit for a FULL DOC LOAN then wait a further couple of years and use two incomes and cheap rent to SAVE SAVE SAVE for a larger deposit to achieve a FULL DOC loan.   There is no quick way for this to be a safe environment.

LOW DOCS AND NO DOCS, should be banned as it is a fraudulent system: a 30 year loan, low repayments, but the loans implode within seven years or less.  Meaning you have paid twice as much for the cost of the loan (more than rent) and achieved heartbreak and loss of home within seven years and have no savings....and loss of deposit and all setting up fees and costs, including the insurance costs.

If payments can only be affordable by using BUFFER LOANS:  DO NOT SIGN under any circumstances.  Its a trap and caused BFCSA to come into being.

If you have paid off your own home do not use EQUITY from your home (no matter what Government incentives) its a trap.  DO NOT SIGN OVER SECURITY OF YOUR HOME TO INVEST.  Protect that security in your own took you 25 years to achieve and you can lose it all in seven years if you listen to bankers and their BDM/broker strategies.  Brokers have lost homes using the Bankster's strategies!!!!

If you wish to invest then do so as you did in the first place: SAVE SAVE SAVE FOR 40% DEPOSIT....purchase a sound cheap property that can give maximum returns, but is NOT OFF THE PLAN or BRAND NEW UNITS etc....there are two many pitfalls to mention here.  The people promoting these investment are not acting in your best interest.  The industry is commission driven and corrupted by Banks and developers and their lawyers.  

Make sure your INCOME can sustain the 60% mortgage and over say, a 14 YEAR TERM.  Do not be tempted towards costs of the venture being greater than 60% LVR.  

Less is best.  If bank say you cannot afford on FULL DOC, abandon the idea until you can meet those requirements comfortably.

If you believe you can afford the purchase and continue to make payments from income sustainable for the life of the loan, then that is the LITMUS TEST.

Do not walk out of the room without a copy of the LOAN APPLICATION ORIGINAL FORM that bears your signature.  You want to photocopy this document before you hand it over.  Make sure its an 11 page document not a three page document - a typical bank trick......................... and one that ought to be stamped out immediately.

Initial every page to lessen the usual tampering of data after you sign.  You cannot trust our Major Banks......

If the banker tells you to not fill in the income on the borrower income statement - immediately report the bank to us!!!!  Get up and walk out - its a trap!

If the Banker uses a computerized service calculator online..................then ask if they have created such a document and demand an immediate copy fo the document.  Ask this question prior to signing the LAF.

Do not TRUST anything the bank staff tell you.  Ask BFCSA first as to whether you may have concerns about what you have been told/promised.  We are the only consumer protection support group in Australia.  We are not funded by Government or Banks.  Our Assistants are volunteers and or funded by members.

DO NOT BORROW from NON BANK LENDERS - as Hon. Joe Hockey has admitted by experiences in his own extended family - there is no consumer protection regulations to properly cover their products.

There are regulations governing Australian Banks but there is no enforcement of law evidenced by the need for Royal Commission into Banking and evidenced by the Senators achieving an Inquiry into the Corporate Cop: ASIC.   No-one is properly taking care of complaints without extreme bias to Bankers.  Its a minefield.

If the bank offers Loan Mortgage Insurance - do not trust the Mortgage Insurers or their hidden policies and agendas.  Say yes to LMI but only of they agree to give you a copy of the POLICY DOCUMENT prior to signing the LAF>

If you want to borrow money for a business - do not use the equity in your home to achieve this, particularly if you are over fifty.  Its a trap and you have a high 80% chance of losing your home within seven years and mired in debt and bankruptcy.  In addition you have no consumer protection at all for business loans and commercial ventures.  You are better off cashing up, renting, using more cash and less debt to achieve your aims.

Learn from this website of the members who share a wealth of knowledge on how these frauds operate at the very top level of the Banking Executive.

Remember, money is important but security of assets is everything.  Do not be a slave to the banks seven years later, after you worked 25 years to own your own home: The true Australian Dream.  The new 30 year loans are designed to stitch you up for longer - through to your nineties! 

These loans implode because after seven years, consumers realise they have been conned by the banks and that they OWE MORE than they first borrowed....same as those who figure this out after TEN YEARS and so on.  The Bank Engineers design these loans to take your home in its entirety after you die.  Your family will inherit nothing but pain. 

The Government says: "Buyer beware"  These are faulty products but its free market lose, banks win.  Its a plan to steal homes.  So if its buyer beware - why have regulations.  Answer: "Enforcement costs money.....we do not enforce laws."  Banks are self regulated so we do not check on what they are doinbg or whetehr their products are faulty or steeped in fraud.  

Seek legal advice before you sign.  ie Consumer Protection regulations BUT Buyer Beware Policy. "You are on your won buddy. We cannot control banks"

Ask our members:  "Did the banks/agents of the banks say to you:  There is no as houses?"   Did you state: "I do not want to lose my home...." and the bankers and staff told you that could never happen........................hmmmmmm

Our world has changed by one of trust to one of DISTRUST of Institutions that are driven by greed, commissions and simple being utterly dishonest to get "every deal over the line."

Don't become merely "a deal."   Be wise, take your time to make a decision and ask us for advice and do ask your lawyer to read the banker's contracts.

Are you planning to sign for a mortgage application this week?  Have you been caught in the same mortgage debt trap cycle?

If in doubt JOIN US today.  That's either $60 or $100 for our type of insurance.

This email address is being protected from spambots. You need JavaScript enabled to view it.

 These TIPs could have saved each of our 1300 Members a world of pain.


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  • doyla66
    doyla66 Sunday, 30 June 2013

    Everything Denise say is true. IT'S A TRAP RUN! The banks are corrupt, they are thieves with no conscience.

  • doyla66
    doyla66 Monday, 01 July 2013

    Advice driven by (brokers') commissions is the next Storm-in-waiting in real estate: By Simon Pressley 01 July 2013

    There’s no red flag screaming ‘marketeer’ to avoid the new "Storm" thru brokers raking $50,000 'advising' clients to buy property ; also beware of accountants, financial planners, and so-called buyer’s agents.

    These service providers often have a reasonable reputation in their chosen field so the client’s guard is down when the advisor starts talking up a specific property. ---Until we see legislative change, this may be helpful for consumers:

    1. Be wary of anyone promoting brand new property. A property developer can include any number of middle-men and load all their kick-backs into the purchase price of a new build, but it’s physically impossible for this to happen when an investor is buying an established property from a private individual.

    2. Remember that qualifications as an accountant (tax), mortgage broker (loans), and financial planner (managed funds) should not be confused with qualifications as an accredited property investment advisor.

    3. Ask to see proof of your advisor’s qualifications as an accredited property investment advisor with one or both of the industry associations, PIPA or PIAA.

    4. Ask them how they make their money. Even if they disclose the rebates they receive, ask yourself why the property they’re pushing (conveniently) happens to be the right one for you when there are 9.3 million properties to buy in Australia.

  • doyla66
    doyla66 Monday, 01 July 2013

    Never ever trust a bank. They have proven to be liars and thieves. They have set up thousands of innocent unsuspecting hard working Australians with unconsionable lending and purposely set them up to fail from the start with imploding 7 year buffer loans which self destruct in 7 years or less.
    What sort of people would do this with the sole intention of stealing their home when the funds run out. Banks do this while the useless Corporate regulator who is supposed to protect us, is looking the other way and protecting the banks instead for a substantial monetry kickback. They are all involved in this corrupt lending. All 36 banks, non banks and lenders.

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