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BFCSA
MORTGAGE
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What BFCSA Does...

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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BFCSA Blog

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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Recent blog posts
Westpac and peers shouldn't rely solely on HEM, one of its authors says Australian Financial Review Sep 3 2018 11:00 PM Misa Han  NB Document show they were using HPI which is worse................ One of the experts responsible for developing a benchmark on household expenditure says banks are not supposed to solely rely on it to approve loan applications, as Westpac and the corporate regulator moved closer to settling a test case on the issue. The corporate regulator is fighting a case about whether Westpac breached responsible lending laws by using a household expenditure measure (HEM) benchmark to automatically approve home loan applications. Monday was supposed to be the first day of a three-week hearing before Justice Nye Perram in the Federal Court, but the regulator and Westpac spent the day negotiating a settlement. They have given themselves until 9am on Tuesday to settle the case. If it doesn't settle, the...
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Housing Bubble Pops in Sydney & Melbourne, Australia Wolf StreetSep 3, 2018 Wolf Richter   And with impeccable timing, an immense flood of new construction. In Sydney, breeding ground for one of the world’s biggest housing bubbles, prices of single-family houses dropped 7.3% in August, compared to a year earlier. Prices of “units” — condos in US lingo — fell 2.2% year-over-year. Price declines were the sharpest at the high end, with prices down 8.1% in the most expensive quarter of home sales. Prices of all types of homes combined fell 5.6%, according to CoreLogic’s Daily Home Value Index. The index is down 5.8% from its peak last September. Melbourne, where the inflection point has been lagging a few months behind Sydney’s, is in the process of catching up. Over the three month-period, June-August, prices fell 2.0%, making Melbourne the weakest housing market among the capital cities. By segment, house prices...
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CBA recalculates loan book to invite customers to pay debt slower Sydney Morning Herald 2 September 2018 7:30pm Caitlin Fitzsimmons   Commonwealth Bank’s review of its loan book to reduce customers’ minimum monthly repayments extends to personal loan customers as well as mortgagors. Fairfax Media previously reported that CBA home loan customers with savings in a redraw facility would have their minimum repayments reduced to extend the debt over the contracted period of the loan. This could result in customers paying thousands in extra interest repayments, scupper attempts to repay debt early and eat up savings made in a redraw facility. Fairfax Media has now learned the change, which took effect on September 1, applies to variable rate personal loan customers as well. One customer posted a public Instagram photo of her personal loan statement showing her minimum repayment was now $235 instead of the $598 originally contracted. "Now that they...
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Savings savaged by bank margin squeeze The Australian 12:00am September 3, 2018 Richard Gluyas, Samantha Bailey   Savers are being slugged by ultra-low deposit rates as the nation’s banks work hard on both sides of the balance sheet to prop up their flagging interest margins, while borrowers suffer out-of-cycle rate rises. Comparison website RateCity says the days of attractive term deposit rates are “long gone”, with the average rate for deposits locked up for 12 months barely moving over the past year. “Term deposits were once one of the most popular places to park your cash, offering a guaranteed return on investment and protection against a falling cash rate,” RateCity research director Sally Tindall said. “But those days are long gone, with the RBA almost certain to leave rates on hold when they meet (tomorrow).” The average term deposit rate in July was about 2.2 per cent — barely above inflation...
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Industry super funds ready to lend to business Australian Financial Review Sep 2 2018 11:00 PM Joanna Mather, James Thomson   Industry fund supremo Garry Weaven has pledged to help businesses borrow more from the $2.7 trillion superannuation pile, amid fears that the Hayne royal commission will force banks to restrict lending to business. Figures released last week revealed that union-affiliated industry funds are now larger than bank-owned retail funds amid signs that they are winning the bitter political battle against the banks. Mr Weaven said industry funds were keen to play a greater role in the economy and to deploy capital to create jobs, including corporate debt financing. "The money is there to be channelled and attracted," he said. "The banks, in order to keep growing their residential book, are probably going to have to reduce the proportion that they lend to the corporate sector, and super funds can fill...
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CEOs warn banking royal commission could put clamps on lending Australian Financial ReviewSep 2 2018 11:00 PM James Thomson   Chief executives from outside the financial services sector are concerned reforms flowing from the Hayne royal commission could hurt the economy if they dry up credit for small business and consumers. "The risk is that if banks and financial institutions become so risk averse they slow down the provision of credit to individuals and businesses. That would be the key risk which I hope doesn't happen," Wesfarmers chief executive Rob Scott said. Wesfarmers' retail chains, such as Bunnings and Officeworks, are exposed to both business borrowers and individuals. "It's a risk if the regulatory response is too heavy handed," Mr Scott said. The issue is also playing on the minds of BlueScope Steel chief executive Mark Vasella and Downer EDI chief executive Grant Fenn, whose companies either sell to, or are...
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Coalition ‘ignored official advice’ on reef fund The Australian 12:00am September 3, 2018 Rick Morton   EXCLUSIVE  A grant of almost half a billion dollars to the Great Barrier Reef Foundation was more than double the recommended amount and handed over as a single payment against the advice of the Department of Finance. The Australian can reveal a cautious Finance Department recommended the budget allocation to help protect the Great Barrier Reef be set at $200m over six years, but the government’s expenditure review committee took another view. According to senior government sources, the decision to shovel $443.4m out the door immediately and give it to a non-government organisation as a tied grant was taken because it allowed the administration to “look like heroes” without making the budget look worse. Unlike the Finance Department option, this alternative would have the money off the government’s books and effectively gone in a year,...
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Turnbull’s plan to spend billions before election The Australian 12:00am September 3, 2018   Former prime minister Malcolm Turnbull personally approved a $7.6 billion roads and rail package aimed at saving marginal seats across the country as part of his ­re-election blueprint, a leak has ­revealed. The package was one of 10 major projects fully funded and listed in the May federal budget under “decisions taken but not yet announced”, according to the ­Herald Sun. The list of major projects, leaked to the newspaper just days after Mr Turnbull’s successor as Prime Minister, Scott Morrison, took office, reveals ­secretly approved infrastructure projects were included in the budget for the Coalition to unveil progressively in the lead-up to next year’s federal election. Among the major projects is $1.5 billion towards planning and pre-construction of high-speed rail along the east coast, with ­priority on linking Melbourne, Canberra, Sydney and Newcastle. More than $3bn...
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Minority government one more challenge for shaky Morrison government Australian Financial Review Aug 31 2018 11:00 PM Andrew Clark   A recent earthquake on the Indonesian island of Lombok was marked by terrible after-shocks. Australian politics is now undergoing its own version of the Lombok after-shocks. The political earthquake was the August 24 Liberal party room ouster of prime minister Malcolm Turnbull. After-shocks in coming weeks will range from a boil-over in former Liberal prime minister Tony Abbott's seat of Warringah to a hotly contested byelection in Turnbull's old seat of Wentworth, tensions over the Liberal party's treatment of women and deep divisions over energy policy and climate change. For a Coalition that has temporarily lost its one-seat majority in Parliament after Turnbull's departure from Wentworth, the after-shocks could test its hold on power, suggesting parallels with the dragged-out political crisis that hit Australia in 1941 in the dark days of...
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Banking royal commission pushes billions into industry super Australian Financial Review Aug 31 2018 11:00 PM Joanna Mather   Billions of dollars pouring out of bank-owned superannuation funds and into industry funds in response to revelations of misbehaviour at the banking royal commission are turning the union-backed funds into the country's fastest-growing investors in Australia's infrastructure boom. AustralianSuper says it received more than $1 billion from new customers in each of July and August – double the amount of the same time last year. Chief investment officer Mark Delaney said the gains were due to transfers out of retail funds and were undoubtedly in response to the Hayne royal commission. "We can see where the money is coming from," he said. "It's money being rolled in and it's coming from retail providers." With more than $140 billion in funds under management, AustralianSuper is the nation's largest super fund. That might was...
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Adelaide Bank, Suncorp join Westpac and raise variable rates Australian Financial ReviewAug 31 2018 2:22 PM Duncan Hughes   Suncorp and Adelaide Banks are blaming "challenging" market conditions for raising variable rates across their range of investor and owner-occupied mortgage products by up to 40 basis points. The move closely follows Westpac Group's decision to raise variable rates by 14 basis points and will fuel heated market speculation that other majors will follow with out-of-cycle rate rises to cover increased capital costs. Rising rates on the eve of the spring real estate season, traditionally the busiest period for sales, is also expected to subdue already sluggish clearance rates amid growing home buyer and investor fears of more increases, particularly in Melbourne and Sydney. Bankers are warning that rising funding pressure is also putting pressure on commercial and agribusiness lending costs. Adelaide Bank is increasing rates for eight products covering its range...
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Michaelia Cash declined to give AFP statement on union raids: fresh claims Australian Financial Review Aug 30 2018 11:00 PM Phillip Coorey   Cabinet minister Michaelia Cash has become the latest target of the payback culture inside the Liberal Party, after allegations emerged that she declined to provide a witness statement to the Australian Federal Police investigating the leaking of a union raid from within her office. Senator Cash, who was demoted in Sunday's leadership reshuffle after turning on Malcolm Turnbull, rejected any assertion she refused to cooperate. It is understood she told the officers that she did not need to make a fresh statement because she had been quizzed on the matter many times in Parliament and everything she knew was on the public record. The AFP was investigating a tip-off to the media about a raid on the offices of the Australian Workers' Union last year. The raids were...
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NZ minister lashes Australian banks over country services The Australian 2:39pm August 30, 2018 AAP   New Zealand’s regional development minister has lashed out at Australian-owned banks, saying they take a miserly approach to their rural Kiwi customers and that a review of the law might be in order. Minister Shane Jones, who styles himself as the “champion of the regions”, on Thursday criticised the Aussie companies over the closure of regional branches. “If the Aussie banks are going to continue to profit at $5 billion a year then in my view it’s not unreasonable they be required to maintain a level of service,” he told Radio NZ. “I can guarantee you that the Aussie-owned banks are offering a range of services that are more efficient and cheaper to their own people than we’re putting up with in provincial New Zealand.” Mr Jones said he would be seeking advice from New...
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Borrowers under increased risk The Australian 12:00am August 31, 2018 Michael Roddan   One of the best insurance protections Australia has against a sharp rise in mortgage defaults may be weakening, as some borrowers show signs they are no longer able to get ahead on repayments. Global ratings agency Standard & Poor’s warned that while arrears were holding largely steady “for the moment”, prepayment rates on mortgages have slowed. “This slowdown could be attributable to factors such as the growth in interest-only lending in recent years, refinancing pressures for some borrowers, and the growth in loan-offset facilities,” S&P analyst Erin Kitson said. “A slowing in prepayment rates can precipitate a rise in arrears if it reflects a slowdown in refinancing activity, a common way for borrowers to manage their way out of financial difficulty,” she said. “Borrowers of a lower credit quality are more susceptible to this risk.” The RBA has...
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Westpac’s bank rivals may hold off on rate hikes: analyst The Australian 6:02pm August 30, 2018 Stuart Condie (AAP)   Westpac’s major rivals may not rush to follow the lender’s move to raise mortgage rates, with regulators’ glare and the threat of an increased bank levy keeping them on hold, according to one leading analyst.   Westpac has announced it will raise variable home loan rates by 0.14 percentage points from September 19, blaming increased wholesale funding costs.   That caused the Australian dollar to drop on speculation Commonwealth Bank, National Australia Bank and ANZ would follow suit, potentially forcing the Reserve Bank of Australia to offset rises by cutting a cash rate that has stood at a record low 1.5 per cent since 2016.   Mr Mott says Westpac’s rivals are not under the same pressure to raise rates, while the consumer watchdog’s brief to ensure lenders do not pass...
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ASIC fires broadside at cold calling insurers, threatens intervention Australian Financial ReviewAug 30 2018 11:00 PM Joyce Moullakis  The nation's under fire life and funeral insurers are bracing for more enforcement action by the corporate regulator, as it looks to stop sales cold calling and potentially draw on new intervention powers to ban accidental death cover. In two damning reports released on Thursday, the Australian Securities and Investments Commission told the direct life insurance sector to lift its game after it uncovered "aggressive selling," pressure tactics and poor consumer outcomes. ASIC's senior executive leader Michael Saadat said the reviews had identified an array of staff selling incentives such as vespa motorcycles and holidays, which encouraged the wrong behaviour. Cold calling targeted He thinks cold calling and telemarketing to customers to sell them life insurance should stop. "We haven't landed on a concrete method for doing this… but we don't think there...
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Energy Minister Angus Taylor says power companies as bad as banks Australian Financial ReviewAug 29 2018 11:45 PM Phillip Coorey   EXCLUSIVE  New Energy Minister Angus Taylor has equated power companies to the banks, saying they have forfeited their social licence and should brace for heavy-handed intervention to force down electricity prices. In a speech on Thursday to the Council of Small Business Australia, Mr Taylor will say that, as a Liberal, he does not believe in heavy-handed intervention, a term used by Malcolm Turnbull in the dying days of his leadership when he promised to use intervention to force down prices. But, Mr Taylor points out that renewable energy has already benefited from intervention via the Renewable Energy Target. "It would be marvellous if we could fix these problems by leaving the industry alone," he will say. "But we are well past that point. Because the fundamental problem with the...
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Mortgage ‘prisoners’ will challenge Scott Morrison’s new-look Liberals The Australian 8:20am August 27, 2018 Robert Gottliebsen   The “new generation” government led by Scott Morrison and Josh Frydenberg will soon encounter a set of events in the housing market that have not been seen by any politician for almost three decades. And I doubt whether Treasury Secretary Philip Gaetjens will be fully aware of the latest developments when he briefs new Treasurer Josh Frydenberg. The new government is well aware of energy morass, the drought, and the breakdown of proper administration by the Australian Taxation Office in small business (new small business minister Michaelia Cash has one of the most important jobs in cabinet), the trade war and a range of similar issues. But what is unlikely to have reached Treasury is what’s happening on the coalface in one of the biggest economic drivers in the land: housing. First, let’s examine...
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  Banks end mortgage broker bonuses in response to banking royal commission Australian Financial Review Aug 27 2018 11:00 PM James Eyers   Banks have stopped paying mortgage brokers bonus commissions based on the volume of loans sold – and by the end of the year won't be able to spend more than $350 entertaining any individual broker at an event. The changes are in response to the corporate regulator's concerns that rewarding top performers with lavish trips and extra pay created conflicts of interest and encouraged customers to borrow too much. In a report on progress responding to the Australian Securities and Investments Commission's scathing report last year on culture and conduct problems created by broker incentives in the $1.5 trillion home loan market, the Combined Industry Forum – a group of banks, brokers and lobby groups – said volume-based bonus payments have now been abolished. The forum is also...
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Banking royal commission: Hayne unveils insurance hit list Australian Financial Review Aug 27 2018 7:19 PM James Frost   The Hayne royal commission's insurance company hit list has been revealed with the big players and industry bodies compelled to appear including AMP, IAG and the Financial Services Council. The royal commission said the purpose of the hearings was to consider issues "with the sale and design of life insurance and general insurance products, the handling of claims under life insurance and general insurance policies, and the administration of life insurance by superannuation trustees". The inquiry will explore these themes under three categories: life insurance, general insurance and the regulatory regime. AMP, Clearview, Comminsure, Freedom Insurance and TAL will appear in the life insurance portion alongside $50 billion superannuation giant REST. Companies expected to produce witnesses for the general insurance round include AAI (Suncorp), the German-owned Allianz, IAG and Youi. This bracket...
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Coalition abandons push to reform super fund boards Australian Financial Review Aug 27 2018 11:00 PM Phillip Coorey   EXCLUSIVE  The federal government has dumped long-standing plans to dilute union and employer group influence on industry super fund boards after the damage done to retail funds by the Hayne royal commission ended any prospect of securing Senate support. The Australian Financial Review understands the decision to dump the policy was taken before the change of prime minister last week from Malcolm Turnbull to Scott Morrison. The decision will not be reversed by the new Morrison regime, under which it remains unclear which minister will have responsibility for super. In Sunday's ministerial reshuffle, the cabinet portfolio of Revenue and Financial Services, held by Kelly O'Dwyer, was abolished and rolled into Treasury, now held by Josh Frydenberg. Mr Frydenberg will be assisted by newly-promoted junior minister Stuart Robert, who is the new Assistant...
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Banking royal commission: IOOF slammed, but where was APRA? Australian Financial ReviewAug 27 2018 1:17 PM Chanticleer   When IOOF chief executive Chris Kelaher took to the witness boxat the royal commission on August 10, two things started happening. First, IOOF's share price started a slide that has seen its market value fall by 6 per cent. And within ANZ Bank's wealth division, which was last year sold to IOOF in a $4.5 billion deal, a flurry of text messages between key executives grew more concerned as Kelaher's answers veered between combative, dismissive, exasperated and abrupt. One source says the ANZ wealth executives had one main reaction: We have to work for this bloke? Those concerns won't be diminished at all by the closing submissions from the royal commission's round of hearings on superannuation, which argue that the issues that "Mr Kelaher appeared to lack insight into" include how IOOF "had...
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Julie Bishop governor-general push: Labor vows to oppose plan The Australian 7:39am August 28, 2018 Andrew Burrell   Bill Shorten has attempted to shut down plans to install Julie Bishop as the next governor-general by demanding Scott Morrison extend Peter Cosgrove’s five-year term until after the next election. The Opposition Leader yesterday wrote to the new Prime Minister to declare his opposition to Ms Bishop, who resigned as foreign minister on Sunday and moved to the backbench, amid suggestions she could be handed the coveted vice-regal role next year. Her supporters argue she would be an ideal candidate to replace Sir Peter, who is paid $425,000 a year, when his term expires next March. Mr Shorten wants to make his own appointment if he wins the election, which is due by May.  “They’ve got rocks in their head if they think we’ll support Julie Bishop for governor-­general,” a Labor source said...
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Row over $150bn in super ‘cash’ The Australian 12:00am August 27, 2018 Anthony Klan  Superannuation funds have invested about $150 billion — a sum one-third the size of the entire ­national debt — of the public’s “cash” retirement savings into assets that are riskier or less liquid than the legal requirement. The Australian Prudential Regulatory Authority has said all money earmarked by super members for “cash” investments must be invested in “cash or cash-like” investments, which meet the definitions set out in super and accounting standards. However, investigations by The Australian can reveal 80 per cent or more of about $190bn invested with the major super funds as “cash” is invested in higher-risk or less liquid products which do not meet the APRA requirements and the accounting standards. The miscategorising of cash investments runs across all the major super sector types, including industry or not-for-profit funds and the for-profit retail funds,...
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Royal commission reveals why banks can’t be trusted with super The Australian 12:00am August 27, 2018 Sally McManus Sally McManus is secretary of the Australian Council of Trade Unions.   When it comes to super, the evidence out of the banking royal commission is clear — Australia’s banks and for-profit retail super funds should not be allowed anywhere near the retirement savings of working people. When commissioner Kenneth Hayne turned the spotlight on the superannuation industry, some people in the government, Peter Dutton among them, thought it would call time on ­industry super funds. But what has emerged is very different. Not-for-profit industry funds have been revealed as the best-performing, most ethical option for Australia’s retirement savings, whereas for-profit retail funds, owned by banks, have been ripping off customers in the name of corporate profits. From the outset it appeared bank-owned funds sought to obscure the extent of their wrongdoing. The...
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