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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: Commonwealth Bank wants to now lend "responsibly" Well that's a LAF to our members

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CBA to change lending policy from November 25

Tuesday, 19 November 2013

 

 

 

From November 25, the Commonwealth Bank of Australia will change aspects of its lending policy.

The new policies outline that rental income from a residential property used for servicing cannot exceed 8% of the owners estimated value or contract of sale amount. 

This means the CBA will only accept a maximum gross rental yield of 8% for servicing.

 Additionally, a new rental income referral rule will apply for applications in categories 3, 4, and 5, where the rental income is more than 50% of the total income used or servicing.

CBA spokesperson Steve Batten told Property Observer, “The rationale behind this change is that high rental yields in some areas of the country, particularly in mining towns, are not sustainable.

While this only will impact a very small number of customers, we would like to ensure we continue to lend responsibly. As such home loan/investment home loans and lines of credit reliant on rental income from a residential security for servicing will not be able to exceed the 8% rental yield.

On average the rental yield around Australia is approximately 4.5%.”

Comment from Denise   This email address is being protected from spambots. You need JavaScript enabled to view it.

CBA BETTER ADJUST THEIR SECRET SERVICEABILITY CALCULATORS AND WARN THEIR AGENTS

Better still: warn the Borrowers:  Is this a sneaky CBA way of moving the goal posts, revaluing homes and using LVR to foreclose, even if not in default with payments?????..................just like the BANKWEST made many of their clients "unhappy bankers and campers?"

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  • doyla66
    doyla66 Wednesday, 20 November 2013

    While this only will impact a small number of customers.... Who are they specifically??.. New or existing ones?? If existing ones -
    Are CBA going to force them to sell or take the properties??

  • doyla66
    doyla66 Wednesday, 20 November 2013

    I think they mean new loans. Are the Loan Service Calculators still set to silly estimates of asset growth?
    Denise is onto it - CBA trying to flush out all the old Bank West loans that were unaffordable due to fraud? ie. before the Senate get a chance to deal with the Fraud properly? Of course CBA will want to reuse the credit from those dead loans because borrowers forget to ask for Recission Paperwork. And CBA were the tyrants behind the rogue behaviour of Bank West, telling them to beef up their loan books in their East Coast invasion, while they trashed their business clients.
    Looks like nothing has changed in their behaviour. Due to ASICs close association with CBA there have not been anywhere near big enough consequences for CBA/Bank West to make them stop their disgraceful conduct and treatment of former clients. It will take a massive bundle of consequences, from multiple directions, to pull CBA into line now. ASIC as weak as water, CBA too big to fail, Govt can't or won't intervene to save our homes and our lives? Go Levitt, go Geoff Shannon! Whip their butts, publicly, guys. We're doing what we can as well to save people from the deadly grip of the dirty banksters and their fraud loans.

  • doyla66
    doyla66 Wednesday, 20 November 2013

    Do not believe a word of CBA's propaganda. You can bet your bottom dollar that CBA will have something sneaky up their sleeve. CBA like other lenders are not into the game of helping, CBA are into the game of greed and devious tricks to produce a monstrous and unrealistic profit for the size of Australia. Remains to be seen just what CBA will come up with!!!!!! Our lenders are not the be all and end all of the banking world. Think about it realistically. Just where and how and who do CBA and other lenders get all the profits from. We are but a spec in the ocean so how can we have the most profitable and BEST banks.

  • doyla66
    doyla66 Wednesday, 20 November 2013

    JPM ownership in Aust Banks? We're not handing over our homes to feed Jamie Dimon and co, CBA!

    If JPM and Jamie Dimon have been hit hard by the US Govt over investor fraud, I wonder if JPM as a major Australian Bank shareholder is putting pressure on our Banks to bail him out? How would they do that? By liquidating more homes, farms and businesses, while they cover their dirty deeds with PR guff about "responsible lending". With such a lame placeholder regulator as ASIC and co it's not surprising. It's open season for overseas crims until the Govt sees the wisdom in cleaning this up as a matter of URGENCY.
    Freeze all toxic loans now! Royal Commission urgent to stop the corruption, injustice, homelessness, fraud.
    We don't deserve to lose our homes to feed Jamie Dimon, drug traffickers and international arms dealers.
    Nor to support the bonus fed habits and lifestyles of our onshore fraudsters and their CEOs!
    Who runs this country: the Banksters or the Australia people? Let them know, loud and clear!
    This is not business, it's grand larceny!

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