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BFCSA
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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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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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BFCSA: Big Bankster Reveal Part X : Macquarie Bank: "We win you lose."

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MACQUARIE BANK   5 May 2004   BDM to all brokers  

Mortgage Saver Express  Low Doc

Max 80% LVR to $600,000

Regulated and Unregulated

In name of individuals, companies and trusts.

Unlimited free redraws

 

{*Mackers started Low docs in May 2004, Citibank started in June 2004]

 

MACQUARIE BANK   17 May 2004   BDM to all brokers

We have a 90/10 policy where 10% can come from a gift.  No genuine savings required.

Last month Macquarie introduced the 100 Point ID Check.

 

MACQUARIE BANK   25 May 2004   BDM to a broker

Best to structure 2 stand alone deals – 2 separate applications and fax headers.

 

Loan 1   $560,000 against the $750K property

Loan 2   $416,000 against properties totalling $520k

 

This gives client $976,000

Please make sure servicing fits our servicing calculator at 1.50x.  Also the $700K property would have to be in joint names and each of the other properties must have each of the clients on at least one of the titles.

Hope this makes sense.  Please let me know if I can be of further assistance.  Many thanks for the business, it is much appreciated.

 

MACQUARIE BANK   11 May 2004   BDM to all brokers

Construction and Vacant Land – Low Docs

All loans can be done in a company or trust name – Low Docs

Tax deductibility of interest on proposed investment loans can be used in servicing, increasing borrower capacity.

90% lend with no genuine savings required.

Line of Credit Low doc

Turn Around times for approval: 48 hours.

Please complete borrowers income declaration form and servicing calculator

Low Doc clients must be self-employed for at least two years

If ABN does not show this please have accountant’s letter conforming self employed > 2 years.  Accountant does not need to disclose income, only length of employment.

For Low Doc loans above $600,000 must service at 1.5x

[This was a servicing ratio so brokers may not understand the formula but knew they could re-work the income to be under the 1.5x criteria.  The online service calculator would assist the brokers in doing the maths in order to meet the criteria for approval.]

 

MACQUARIE BANK   2 August 2004   BDM to all brokers

Remember, your client must be self-employed for 2 years and provide an ABN.  If you wish to check registration, go to www.abr.business.gov.au

Unlimited splits – 2 splits free.

Interest capitalisation is available on LOC option only

 

MACQUARIE BANK   7 February 2006   BDM to all brokers

Hi everyone,

We receive a lot of Low doc and No Doc applications so here is…

Summary of our Low Doc and No Doc products.

 

95% No genuine savings product available

 

For a LOW DOC

LOW DOCS – Clients must be self-employed for 2 years and have an ABN to verify (unless they declare under $50,000 (net income) in which we can accept a letter from the accountant confirming two year self-employed.

Low Docs can be regulated or unregulated purposes

Clients need to state a particular income, declare client’s assets and liabilities on the application form (LAF) and YOU complete a servicing calculator.

 

For a NO DOC

NO DOC - clients only need an ABN for one day

No Need to declare Assets and Liabilities and no need to state income and no need to provide a service calculator.

No Docs must be unregulated

Purpose must be for > 50% investment

Clients can use their owner occupied property (as security)

For No Doc clients complete sections A and C of the income declaration form only.

[This was the Self certification Form and the income MUST NOT BE STATED on this form (SB)]

[When this was taken to FOS by BFCSA (Inc), the banks said: Self Cert Form – borrowers did not put income in the box and state their income………What nonsense!  The Brokers told them just to sign the bottom of the form and not given time to read the form.

The Banks told their Introducers not to fill in the income on a NO DOC.]

CLEARLY THIS WAS BANK POLICY THAT FITTED CRITERIA FOR APPROVAL.  Banks approved these loans in hundreds of thousands of cases.

 

 

MACQUARIE BANK   16 May 2006   BDM to all brokers

100% home loan with no genuine savings policy

NSR needs to meet 1.25x (that’s is service calculator formula)

95% refinances available with limited cash out

Lo Docs 80% LVR and No Docs 70% LVR   > $200,000 - $1 million per security

No LMI

 

 MACQUARIE BANK   31 May 2006   BDM to a broker

Our State Manager Alex Di T is coming on the Road with me and would love to meet with our strong supporters.  I am hoping say Tues at 9.30am?  Is this OK with you?

 

MACQUARIE BANK   18 July 2006   BDM to all brokers

LOW DOCS and NO DOCS:

No LMI payable by the client regardless of loan size

LVR 80 % for Low Docs and 70% LVR for No Docs up to $1 million.  Max exposure to Multiple Securities is $2 million.

Up to 3 splits available.

Serviced apartments and inner CBD apartments considered.

 

MACQUARIE BANK   14 August 2006   BDM to all brokers

Electronic lodgements assessed within 24 hours

LMI paid by Macquarie

Low Docs and No Docs available in company name or trust

80% LVR for Low Docs and 70% LVR for No Docs

 

MACQUARIE BANK   17 August 2006   BDM to all brokers

RESPONSE TO TDT PROGRAM OF 16/8/06

Last night TDT featured story of another borrower with complaints against Macquarie Bank.  This loan was to a company for an investment property……..Complaint: directors not advised prior to sale of property.  Bank advised one director.  The Bank will be making a formal complaint to the ACMA.

 

MACQUARIE BANK   19 October 2006   BDM to all brokers

Five Minute assessment!

You can lodge applications on line – we will assess e applications within 24 hours.  In many cases it can be as quick as 5 minutes of the application meets our policies.

You can track your application online…mortgages live.

 

MACQUARIE BANK   26 March 2007   BDM to all brokers

Macquarie has removed the need to construct on vacant land on land only loans.  Borrowers no longer required to commence construction within 24 months of settlement.

If you have any scenarios you would like to run by me…….

Low docs and No Docs $200,000 - $2 million

No LMI payable.

 

MACQUARIE BANK   24 August 2007   BDM to all brokers

Your MMA Awards - Bank of the Year! Record five gold medals out of seven…best bank for mortgages in Australia.

LOW DOCS and NO DOCS:

$200,000 - $2 million.

No LMI payable by the client regardless of loan size

Up to 100%LVR  60% for over $1 million

Unlimited free draw

100% off set sub account

LOC: Up to 20years interest only.  Pay $240 pa fee.

Interest capitalisation on LOC

Electronic: can now view collateral Pge

SILVER LINING Reverse Mortgages – ask for a pack with DVD going through all aspects.

 

MACQUARIE BANK   27 November 2007   BDM to a broker

BDM writes: Looking For a No Doc Loan?

BDM teaching and coaching broker:  Clients could always split the loans if they have a couple of properties.  Eg: If they have 2 properties each worth $1.5 million then we could set up as 2 separate applications.

1 for $1 million secured against $1.5 million property

1 for $1 million secured against second property worth $1.5 million.

Gives clients a maximum exposure under No Doc

 

MACQUARIE BANK   7 January 2008   BDM to all brokers

Our NO DOC loan continues to be well received by brokers and clients alike….its nice and simple…

SELECT EXPRESS 70

One day ABN’s

No LMI payable.  As per my previous email regarding PMI not requiring GST registration, they are now starting to ask for this, particularly clients borrowing significant loan amounts (where $75,000 income or more would be required to service a debt.  Pleae be aware of this when submitting a No Doc application.

For Low Docs, both Loan Mortgage Insurers (Genworth and PMI) require GST registration.

“For NO DOC:  No income needs to be declared on the income declaration and no A&L required on Loan Application Form.”

 

MACQUARIE BANK   15 January  2008   BDM to all brokers

Lodge online for turnaround in 2 – 3 hours instead of 2 – 3 days!

We have a team set up prioritising all online lodgements – most assessed within 2- 3 hours of receipt.  How quick is that!

NO DOCS

Clients only need to be self employed for one day or more.

No A & L or income required!!

Up to 70% LVR and we pay LMI for the clients.

LOW DOCS

Clients required to be self-employed for 2 years or more

Up to 80% LVR and we pay LMI

 

MACQUARIE BANK   8 February 2008   BDM to all brokers

“Recent housing data released last week indicated house prices rose by 12.3% nationally in year to December.”  And on 4th Feb 2008

Handy Hints:  “Have you tried our No Docs 70%

One day ABN, No Assets and No Liabilities and No Income Verification.

As long as 51% unregulated

Formal Approval (online) in 48 hours!

Attached copy OF  LOAN SERVICABILITY WORKSHEET

 

MACQUARIE BANK   18 February 2008   LPO to a broker

From the Credit Analyst re a particular app:   “As discussed LMI have declined the deal as GST has not been registered on ABN.  Can YOU please register the GST and I will resend to LMI”

[Credit Officer instructed the broker what to do and resubmitted the app}

 

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  • doyla66
    doyla66 Wednesday, 05 December 2012

    no wonder there was white out used all over one of our applications.. Someone (broker or banker) in a rush to get the business "Formal Approval (online) in 48 hours!"

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