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'Reverse' Loan Serviceability Calculations

Posted by on in Bankers A Law Unto Themselves
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As further insight into "A Void Contract" posting 

Did you keep a copy of the income, assets and expenses/liabilities that you wrote on your original doc?  If you did, go to your bank's website and find the 'calculators' they provide.  Put those numbers into the 'borrowing power calculator' for a rough guide of what you should have been able to borrow.

Or if you don't have those docs, go back to your Group Certificates of the year that you applied for the loan.  At least you can get an idea of how great the falsification is.  I'm sure you will get a BIG shock of how much you really were able to borrow as a comparison to what you were 'lent'.  

If you do have a copy of your LAF, take the 'Loan Serviceability Assessment' doc and take the summary numbers they have used to approve your loan and put THOSE numbers into the calculator.  Compare that to your actual 'approved' loan amount.  Has your jaw hit the ground with a thud?  (Make sure you print a copy to go with your files.)

Anyway, there is no actual 'lend'.  It is all an illusion. The 'money' is all pulled out of thin air through keystrokes on a computer.  The bank is never 'owed' anything because as soon as they 'approve' the loan they are paid back.  Start to look into 'fractional banking' if you want to know how bank 'money' is created.  Do you really think the bank has all that 'money' sitting in the bank waiting to 'lend' it to someone?  That hasn't been true for YEARS!

If you want to know who is the beneficiary of your monthly mortgage payments, look into 'securitisation'.  The Reserve Bank of Australia has an excellent article and diagram explaining exactly how it works.  (Did you know that the RBA is not a government agency, and is in fact a registered company with an ABN? 50 008 559 486  Every country's 'central bank' is a privately owned company that is part of the world-wide banking conglomerate owned ultimately by the Rothshild family.  Now you know why our local banks don't automatically follow the RBA's interest rate changes.  Why should they?  Would you take any notice if a competitor told you what price you should charge for your products or services?  Helloooo!!)

By the way, has anyone noticed on their bank statements now, that instead of getting 'paid' your wages or salary, that you now receive what are called 'credits'.  Hmmmm Weird but certainly not wonderful.  Knowledge is power.  Ignorance is no defence unless it is related to 'lack of disclosure'.  

Speaking of that... "Have you heard the one about..."


Have a look at mortgage T&C you were given (so full of confusing language it's mind boggling - I thought the regulations had changed to insist that it had to be easier to understand!!! Hands up anyone who has ACTUALLY read their T&C).    Look for a clause that talks about "Assignment".  It will say something to the effect of:   "We may assign or otherwise deal with our rights under this contract in any way we consider appropriate. You must sign or do anything we reasonably require to enable us to do this. You agree that we may disclose any information or documents we consider desirable to help us exercise this right.  Your rights are personal to you and may not be assigned without our written consent."

The problem with the word 'assign' is that it means they can deal with your property anyway they like, including selling it into a 'trust' that shareholders can buy into, without any need to tell you that this has happened!!!  They "reserve their right to tell the mortgagor" about any 'assignment' of the property.

Look into this and be horrified again!!!  Do you know what this means?  What does it 'sound' like it means?

Yes, THEY can dispose of the rights to your property any way they like, without having to tell you, while you just keep on blissfully paying every month, la, la la, la la, but if YOU want to do anything with your property, you cannot do so without their permission!!!

Not only that, this tiny little word, assignment', that gives sooo much power to your lender doesn't even warrant a mention in the Glossary or Definitions section!!!  My T&C's have a definition for "website", like Duh!!! but there is no entry for "Assignment".  

Anybody else feel they have been treated like a big fat mushroom?   in the dark and fed s**t?

PS One bank has got 'Assignment' under the chapter called "General (but still important) Information".  OMG

What a sad, sick joke it is, that has been played on us ALL by the Banksters....

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  • doyla66
    doyla66 Thursday, 02 August 2012

    Thank you for the information, STM.

    Tonto has gone but I'll find another calculator to see if that does the trick.
    I've got an inflated figure shown as income ($168,000) which I think is more likely the output from the LSC. I'll have a play with it and see if I can figure out why it's there and what it should have been.
    Tonto staff "error" perhaps? :)

    ASIC also has an ABN.
    I thought that was because it has a turnover requiring registration for GST/BAS etc...?

    So how do we change Australia's involvement in such a long established entrenched government accepted internationally embedded financial markets and banking system?

  • doyla66
    doyla66 Thursday, 02 August 2012

    Too many snouts in the trouts for far too long

    It seems to me that it is so deeply entrenched within the banking & financial sectors that only a full Royal Commission with very strong terms of reference will be of any good to clean up this long history of behaviour.
    The trouble we face is, which policitical party (s) will have the backbone strong enough to do it? They're too busy calling each other names & playing games of brinkmanship to actually run this 'lucky' country of ours let alone make decent decisions!

  • doyla66
    doyla66 Thursday, 02 August 2012

    So true!

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