Copies of Loan Application Forms were not given to me even though I asked. I was told they go to the bank.

Retrieved copies in 2012 as suggested by Denise.

Three banks involved. Bendigo Bank (the main player) multiple loans including buffers and lines of credit to help me pay off their loans. (very generous of them). I did not understand what a line of credit was, it was explained to me as "It's there if you need it for a holiday etc. if you don't use it it just sits there, (what a load of crap). It was used to help pay off the loans.

WE were told there was no risk and would help- financially.  The thing was we were not told about the honeymoon period, we were told payments planned for us would be better off and affordable and then WHAMMO payments were hiked up to 55% higher than the first 12 months.  We had no idea this would happen.  It was a 30 year loan and denise is right that Firstmac and Westpac were using dodgy stuff to hike up the payments to unaffordable figure and so 30 year loan explodes in 4 years!  This is shocking.  

Whose income increases within one year by 55%?  NO-ONE'S!  NOT US that's for sure.  No wonder we call these people BANKSTERS!

Westpac refinanced 2 loans from Bendigo bank. 

Firstmac- one loan.

By the time I realized this I was trapped.

Discrepancies noticed on my Loan Application Forms (LAFS) -

1. Overstated income from between $100,000 - $350,000 (each loan warranted an increase in my net income apparently)

2. Assets overstated anything up to a million dollars.

3. Dates wrong on some of the forms.

4. Witness to my signatures on a few loans was about 1000 klms away ( never met her, she worked for the broker).

5.  No preliminary approval sent for me to read by any of the banks. (I did not know they existed).

6. Daughters loan had her down as a secretary, she was on a pension with one child at the time.

7. Loans split, part as a low doc loan and part as a line of credit. ( as I said before I am financially illiterate, struggle to understand it, I was assured all was legal and above board.

8. Out of the three banks, no one rang me to verify that all was true and correct on my forms, they were not interested in making sure I was able to afford the repayments.

9. Signatures on forms declares copy of application forms given to applicant. (a big lie).

10. Westpac stated on their internal form that I have been a westpac customer for over 12 years , not true.... Before loan I have never been their customer.

Maladministration was found against some of the loans with Bendigo (others exceeded FOS terms of reference).

Maladministration was found against Westpac.

Both at this stage are in for determination (both Lenders have rejected FOS's recommendation).

Broker - Tailored Mortgage Solutions Q'ld, someone who is supposed to be in a position of trust, honesty and credibility

"Increase your property portfolio for your future retirement and to be able to be independent" was the con line used. (I was 50 at the time in 2002) loans were for 25 - 30 years.

Broker expelled from MFAA for misconduct

Broker shredded all my copies of my LAFS, excuse given, "we do not keep copies for personal reasons".

The banks have a lot to answer for!

ASIC has a lot to answer for!