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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: Bankers targeting parents to hand over security of their home to gift deposit. One in Three!!!! This will get ugly as parents lose their homes!!!!

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Predatory Banks again - ONE IN THREE have agreed????  I smell predatory tactics and bank induced "targeting."  Get legal advice from parents own independent lawyer.  This will get very ugly indeed as children ask parents to assist on encouragement from Bankers greedy for bonuses and profit.  

Banks do not advise parents to seek INDEPENDENT LEGAL advice.  BFCSA MEMBERS HAVE SEEN ALL THIS and then are gobsmacked when parents also lose their home.  These are HIGH RISK and High Cost Loans.  Where are the Politicians?  Having lunch with JS?  We need to stop Bankers engineering these faulty unsafe products!  Its a carnage out there.   This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993

 

August 23, 2014

 

EXCLUSIVE: One in three first-home buyers is given a deposit by their parents to purchase property, in a trend that lenders say is booming.

Mums and dads are collectively paying out $122 million a year to shoehorn their children into home ownership, with at least a third of first-time buyers spared the financial difficulty of saving for a full deposit.  And a whopping 80 per cent are given some form of financial assistance by their parents to buy real estate, whether it's a deposit, interest free loan or acting as a guarantor, according to lender research.  With house prices rising at about 10 per cent a year, lending criteria tightening since the GFC and investors pushing first-time buyers out of the market, more parents are willing to stump up a deposit.............

 “Since the GFC, deposits as gifts have taken over first-time buyers relying on equity in their parents’ home to get a loan approved because it’s a lot financially cleaner for the family if things go pear shaped, such defaults on the mortgage or divorce,” Mr Hill said.

He said benefits included avoiding expensive lenders mortgage insurance (LMI) and the buyer being able to enter the market years ahead of those who had to save for deposit themselves.  Sydney real estate agent Sue Tam from LJ Hooker in Kellyville — where the house prices start at about $750,000 — said it was not unusual for parents to gift a 10 per cent deposit, sometimes more.  “It has becomes common for parents to help out, but it’s hard to put an actual figure on it as not all first-home buyers tell you they are being assisted with a deposit so it actually may be more than one in three,” Ms Tam said.

John Symond, Executive Chairman of Aussie Home Loans, said gifting a deposit is a good way to limit parents’ financial exposure.....................“We are noticing more parents are helping out their kids with a deposit in Sydney, as prices continue to rise and get more out of reach for the first homebuyer,” Mr Symond said.  He warned that other forms of financial assistance could put the parents’ home at risk.  “A common process is to provide a loan guarantee, but parents need to get a legally documented loan agreement with their child and get professional advice to go down this path.  “I believe the best way to give a helping hand is for parents to provide a one-off gift to their kids in building up a deposit.”

http://www.news.com.au/finance/real-estate/homeowners-further-behind-on-mortgage-repayments/story-fndbalka-1227030842257

Homeowners further behind on mortgage repayments

August 21, 2014

 

QUEENSLAND homeowners are more likely to be behind on their mortgage payments than owners in any other state.

The latest Fitch Ratings Mortgage Delinquency Report found that while Victoria and New South Wales dominated the worst performing regions, Queensland as a whole was doing worse than anywhere else.  Western Australia was the best performing state with only 1.31 per cent of its mortgage loans paid late.

Queensland replaced Tasmania as the worst performing state at the end of March 2014, although the gap between the best and worst performers is at a record low.  The report found that mortgage delinquency rates in all mainland states had worsened since the end of September last year. Tasmania was the only state not to have had delinquencies increase.  An increase in delinquencies was not unexpected as the latest report coincided with the Christmas spending season.

The number of people behind on their loan payments was becoming worse in Victoria according to the report. That state had seven of the worst performing postcodes.  Queensland and New South Wales both had five, Western Australia had two and South Australia had one.  Lynbrook and Melton in Victoria had replaced Cessnock in New South Wales as the worst performing postcode by number of mortgages in arrears, with 27 out of every 1000 owners behind in their repayments by 30 days or more.

Owners in central metropolitan Perth were the best at keeping up to date with their mortgage payments with only 0.3 per cent of owners 30 days or more behind.  The inner city region was the best performer in New South Wales, south east inner Brisbane was Queensland’s top performer and Boroondara city was the best performer in Victoria.

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Comments

  • NABbed Nanna
    NABbed Nanna Sunday, 24 August 2014

    Felt sick when I read this article re: parents being guarantors using their own homes as security. This I'm afraid can only lead to pain for all concerned. Just shows how out of control the housing market and the economy is when the kids cannot save enough for a deposit to purchase a home. Something wrong here!!!

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  • setup
    setup Sunday, 24 August 2014

    I agree Nanna. Kids should be taught to save their own deposit. My very wise Dad used to encourage us to save as big a deposit as possible, and then pay the mortgage off as quickly as possible. But these days with the over inflated property prices it will take all of their lives to pay off their mortgage. This should be a compulsory subject in all schools.

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  • Aries
    Aries Sunday, 24 August 2014

    Scare tactics used yet again by banksters, "by the time they save any sort of deposit the housing prices
    will have gone up so they can never save enough, so mums and dads should help their children
    to acquire their first homes by helping them with the deposit ".
    So now they are targeting the parents and making them feel guilty if they don't help their offspring.
    And we all know where this is going to lead.
    The crooks have it all worked out rubbing their hands together waiting for the big fall then blaming the borrower as usual.

    Reply Cancel
  • brett@sctelco.net.au
    [email protected] Sunday, 24 August 2014

    A false economy led by hungry banksters only interested in lining their own pockets at our expense. Gordon Gecko is alive and living of the carcass of Australian pensioners.

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