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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: Brokers say "we did not pluck figures out of the air." Bank Victims know that now

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For the thousand or so people who have seen their Loan Application Forms ("LAF"), that our Banksters relied upon to make an IMPRUDENT LEND, one clear factor emerges in all cases:  the average true income was  $50,000 or less and, the income figure added to the LAF was around $150,000.  WE then found the bank's copy of the Service Calculator Form ("SCF") shows say $220,000 as they have obviously changed the gears on the NSR to 1.1x.

These are facts.  Brokers say to me "Denise, there is no way could I pluck a figure out of thin air....  I would have been sacked."  The Bank's own Service Calculator provided the second figure as an "accounting figure" and we were taught by ("BDMs") Bank Officers to use the calculators.  The banks sent us the PASSWORDS to access the calculator and we were told it could not be seen by the borrowers, for privacy reasons.

"We had to write in the true income figure which I always did and then enter client details on the screen calculator and then the computer would give us a figure of projected income (as taught) and we then wrote that figure on the LAF.  We then had to FAX the LAF and the service calculator printout (including worksheet) to the bank and all had to be attached. The calculator we use with bank's logo and access is geared at roughly NSR 1.47x. "

"This was how the banks explained and we believed its was all legal."  Why would we think banks were breaking the law?  We were told to say "our lawyers (meaning bank lawyers) have been over this....they were always talking about not doing the wrong thing and also about regulations.  I didn't know that no-one was watching what the banks were doing.  If it wasn't for BFCSA website I wouldn't have been any the wiser."

"Brokers had no idea the gearing was changed and Loan Mortgage Insurer's also used NSR 1.1x.  "We had no idea this was going on as we were just following bank orders and instructions.  Now everything makes sense.  We were set up and so were the borrowers.  I get it."

"We never gave copies of the LAF to the customer and we were not allowed to let any borrower see the serviceability calculator."


Whistle blowers are angels indeed.  BFCSA is dedicated to saving people's homes.  We are a national community of people, helping each other.  Time for BDM's to come forward and tell their story.   This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Wednesday, 27 February 2013

    Thankyou to all the whistleblower angels for being so brave and coming forward to help in this bank fraud investigation - without you all, we could not have completed the jigsaw.

    Now the true picture is emerging.

    I'ts amazing what can be acheived when we all support each other.

  • doyla66
    doyla66 Wednesday, 27 February 2013

    All decent, ethical bank employees like the BDMs have a moral duty to come forward and help to stop Australian families losing their homes to the banks in this deceitful crime.

    To the bank employees that know what has been going on, if you keep quiet, then you are also responsible for this crime.

    To the ones that have already come forward, and to the ones that are still coming forward, thank you, you are decent human beings.
    Thank you for having the courage to tell us.

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Guest Friday, 28 February 2020