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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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BFCSA: APRA say Lending Standards tightening - maybe. You mean the cheating by Major Banks has stopped?

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Lending curbs are nothing to fear:  APRA

17 October 2014


James Mitchell


Brokers have nothing to fear from potentially tighter lending standards, says APRA chairman Wayne Byres. 

Macroprudential tools’ or, more simply, restricting the amount banks can lend borrowers is “normal regulation and regulation responding to circumstances,” Mr Byres told an industry event on Monday.

Mr Byres cites Australia’s last property boom in 2003/2004 when APRA took measures to cool the market by implementing changes to capital and mortgage insurance requirements.

“We did some other things designed to just temper the incentives and you shouldn't think of this as some grand, new framework and completely new, but I always think much of it is APRA doing its job, which is as things start to get a bit frothy or more exuberant or whatever – the right phrase might be there is a gradual ‘turning up of the dial’ of supervising intensity and regulatory intensity.

“People love the term 'macroprudential' because it sounds like it is really important but there is not a lot that is new,” he said.

Much of the hype around overzealous lending centres on investors – now accounting for one in two loans written in Australia – which the RBA fears could result in a property ‘bubble’ as rates rise and markets cool.

However, one industry figure who believes investor lending has become the ‘new norm’ rather than disappearing at the first hint of a rate rise, is Firstmac’s managing director Kim Cannon.

Mr Cannon argues that previous generations had built their wealth in owner-occupied dwellings on the “quarter acre” but that was no longer the case.

“Are we seeing the future of this generation saying they will build their wealth through savings, through investments and through building wealth smarter, rather than pouring it all into the family house?” Mr Cannon said.

“To me, there is a culture change going on and this is being missed by everybody,” he argued.

Just as the global financial crisis changed the way banks did business and created an online culture among consumers, so too will the Australian property culture change, Mr Cannon said.

“Everybody is panicking about it and there is nothing really to panic about,” he said.

 Comment:  Yes Mr Cannon I will tell the victims of Firstmac about your strategies.  Firstmac loves repossessing homes and Firstmac is the only Lender that charges $100 to recover an 11 page document, consumer law dictates the customer was entitled to in the first place."

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