BFCSA Blog

Article in the Herald Sun, Sunday 19th January 2014. Sophie Elsworth. Desperate homebuyers are signing up to mortgage products with little or no deposit saved -- and in some cases taking out loans of more than 100 per cent.  In what some experts fear is a return to dangerous ways, some lenders are luring customers with no saving to take on hefty loans and become swamped with debt. Analysis of the nations home loan market by financial comparison website Mozo found dozens of products available to customers where they need virtually no money behind them to purchase raising concerns of whether they could repay the loan.  The maximum borrowing borrowing capacity is 120 per cent -- more than the value of the property, allowing borrowers to consolidate other debts. But some lenders do require guarantors to secure the loan.  Mozo spokesperson Kristy Lamont said there were mortgage products on offer that...

What is the remedy for all those who KNOWINGLY fed off this monstrous period in our nation's history of WHITE COLLAR CRIME gone rampant through the Banking & Finance Sector. So how do we punish these morons that thought it OK to capture Government and all to do with their own personalized GREED.  Preying on defenseless people you targeted pensioners and low income families) who trusted your insane strategies touted as good economic management to get ahead into comfortable retirement, instead of satisfied with low income: Trust Me I am  Banker!"  NO MORE.  You coveted their only asset THEIR HOMES.  You Bankers were acting as a CARTEL: same stationary, same model of business, same chains involved, same database of directives, same use of BDM's, same governmental meetings, same targets ARIPS, same asset hunger, same greed, same contracts, same law firm, same lobbying techniques, same protection rackets........................better than any bikie could dream...

My own GP and staff will be asking their bank on Monday - "Where is my copy of my LOAN APPLICATION FORM ("LAF") its only 11 pages and we are entitled top a copy as it contains our signature?"   Whether FULL DOC or NO DOC dummy loans dressed up as LOW DOCS........ no-one has copies................... Ask teachers at the local school:  "Have you got a mortgage and if so were you given a copy of the LAF when you signed?  No?  Then ring up and ask for a copy.  Be prepared for a shock." Ask your local garage mechanic..................your colleagues..............your grandchildren's swimming coach......................neighbours.............your dentist, have their children got mortgages?  Ask: Do you have a friend with a mortgage? They will all say:  Thanks for the TIP.  No-one has a copy of the LAF in their files........................ 2014 will be the year of everyone demanding a copy...........................so start becoming very busy BFC'er. If...

If you have complaints against La Trobe, we want to here from you.  COSL are doing nothing regarding the ones that have already banked up.  I seem to recall reporting La Trobe for peculiar transactions in 1999, via letters to the ASIC Chairman, the Tas Law Society and ASIC Commissioner in Tasmania.   Hmmmmmm I more than likely have kept those files.  You probably have shredded yours. BFCSA Members are starting to appreciate the value of data-banking....................................the collective strength in swapping information, documents and also exchanging stories of experience with these lenders. Non Bank lenders are starting to explain they do not adhere to the Australian Bankers Code of Practice............well Mr O'Neill you ought to explain the HIGH RISKs of unregulated lenders and products to customers BEFORE they sign up with a non bank lender.  Same thing Treasurer Joe Hockey warned last year................................ Now that may not be profitable for business, but it...

My files are FULL of evidence from people with legitimate claims of Maladministration in Lending amongst the Major Banks - registered as FOS members.  No-one better tell our members there is not a problem in Australia.  At least BFCSA was on the money when it told all members to demand the FAXED copy of the Loan Application form.  A key INDICATOR OF FRAUD IN THE BANKING sector materialised when NAB WESTPAC, ANZ and CBA started to SHRED DOCUMENTS.  Yet the Australian Securities and Investment Commission bleated to Federal Parliament they could find no evidence of fraud!"  Corrupt or incompetent?  YOU be the judge. ASIC hands out licences to FOS and COSL: the External "Dispute" Resolution Services (EDR's), controlled and funded by Banks.  ASIC therefore say "we do not investigate consumer complaints!"  No-one does.  Fraud is being treated as a "dispute" and the fraud is supposed to be investigated by the lazy...