Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


What BFCSA Does...

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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Fed. Treasurer Joe Hockey trying to demonise the consumers when asked about the Brailey interviews on radio

  • Font size: Larger Smaller
  • Hits: 2102
  • Print

Good onya Joe - blame the consumers for being spruiked with bad financial strategies into unaffordable LIAR LOW DOC LOANS by GREEDY bankers using fraud, forgery, and buffer loans to mask unaffordability on a grand scale.  Yes indeed, cover up for the banker wankers - that'l work!  It will go down a  treat with the aggrieved consumers who are about to be thrown into the streets when four years ago they owned their own homes and no debt. You then say to them: "why don;t you manage your budget?"   Are you seriously embracing political suicide Joe?

Question Mr Treasurer:  "Did you receive 2% loans by any chance?"  The plot deepens.


You’re listening to Treasurer Joe Hockey on 612 ABC Brisbane Mornings. Moving on, away from the Budget discussion. Yesterday we heard about some of the big banks facing the country’s biggest class action aimed at recouping hundreds of millions of dollars in unfair late fees on credit card payments. There were also calls yesterday for a Royal Commission into, generally, bank behaviour and how they handle low-doc loans. I’ll just give you a little bit of detail on this, a consumer advocacy group says it is taking more calls every month from people on pensions, people on low incomes, facing house repossession here in Queensland. They’ve signed up to low-doc loans for investment, clearly not having the ability to repay those loans after buffering loans have run out.


Here’s Denise Brailey, she’s from the Banking and Finance Consumer Support Association:


The realisation comes precisely when the buffer money stops. When the banks stop lending an extra $50,000 to pay the next couple of years’ payments. Also, the loans escalates. It can escalate from $400,000 investing, which they invest obviously, in a second property, probably a unit or something like that, but when they do that, they end up risking to lose both homes. They’ll lose their own home, that they started with. Now, this all happens over a period of only four years. So, they don’t really wake up for four to five years, but there are 30 year loans. So they believe the financial strategy and that’s what I’m dealing with at the moment. Very distressed people that are only on a pension and yet they’re being threatened by the big banks to take home that they actually, four years ago, owned outright.

Joe Hockey, are you aware of what this consumer advocacy group is saying is an increasing problem with low-doc loans and people who shouldn’t be signing on to them and yet the banks are pushing them on them?

Well, the starting point is, you’ve got to be careful about taking on too much debt. As a consumer or a government. You have got to live within your means. That’s been around for thousands of years and it will continue. This is exactly why I warn about the challenges in the Budget. We have got to start to live within our means now. Interest rates are at record lows now so if people are in financial trouble now with interest rates at record lows, then it is going to get harder. Because interest rates have to go up. They’re at emergency lows as the previous Labor Party said. Interest rates will go up. So, I urge people only to borrow what you can afford to repay, don’t take a punt on what your income is going to be into the future. Now, if a bank lends money on the basis of prospective income, increases, then there are rules that the bank needs to comply with now, there are very strict rules provided by the prudential regulator, the Australian Prudential Regulation Authority (APRA) about the rules around how much the bank can lend and the circumstances in which they can lend. But, I am also wary of people getting into financial trouble when they borrow too much.

The argument here, I suppose, is that a lot of these people were told, they say they were told by the bank, they have the ability to repay these loans, then they were offered buffering loans when they couldn’t come up with the money. So they’re saying that they weren’t given enough information from the banks. So, it’s the bank’s behaviour that should be changed and should be looked at.


There are a range of different ombudsman around that they can turn to as well who will investigate the matter and if there is misleading and deceptive conduct, the ACCC also has powers as well.

Joe Hockey, you’re about to get on a plane, are you sure you can’t squeeze in an hour or so at the Ekka? It’s on today, it’s the peoples day.

Well that’s right, I looked around Brisbane this morning and said, ‘where is everyone?’ and they said it’s Ekka day. The Ekka has, obviously, a very rich history of farmers bringing their produce down for sale and I wish I could go. I’ve got my R.M. Williams on but that’s about as far as I can go.


And I’m guessing your advice in the show bag pavilion is ‘stick to your Budget’?


That’s right, stick to your Budget, that’s a lesson for all of us Terri.

Last modified on
Rate this blog entry:


  • Duped
    Duped Saturday, 16 August 2014


    Joe Hockey and even the presenter have missed the point. Banks used fraud and forgery to get borrowers in. It wasn't the borrower who added false information on the loan application forms it was the banks and their agents and it was and is Australia wide and taught by the banks to their agents to use this method.

    Reply Cancel
  • Aries
    Aries Saturday, 16 August 2014

    Joe Hockey would know about the forgery and tampering of the loan documents. He was just
    glad the presenter didn't bring it up.
    Didn't his mother in law have a problem with her loan. Can someone find out how she
    got out of it. How about it Joe would you like to tell us?

    Reply Cancel
  • NABbed Nanna
    NABbed Nanna Saturday, 16 August 2014

    Mr. Hockey must have his head in the sand and his ears stuffed with cotton wool. He is not listening, he is turning the tides on us the consumers and making us out to the the baddies in this interview. Live within our budgets, thats fine and dandy and works well if we are not tricked by the sellers with their promises of wealth and fabulous returns. We were approached by these banks and sellers. Fraud is fraud and so blatantly obvious on the banks behalf. Does Mr. Hockey realise whilst sitting in his RM Williams boots what we have all been through. Mr. Hockey has not lost his home and not been manipulated by the banks. I guess he thinks of us as just the POOR people in Australia who do not drive cars very much.

    Reply Cancel
  • Aries
    Aries Sunday, 17 August 2014

    Hockey know full well all about this fraud.

    Reply Cancel
  • Denise
    Denise Sunday, 17 August 2014

    How many houses do you own Joe? Are they all mortgaged up to the eyeballs? Watch for the Bubble bursters Joe. Did you receive 2% mortgage loans from friends? Just asking. Yes you could afford to give your mother in law (low doc victim) a spare home to live in. 95% of the community are poor Joe - just remember that when chatting to current "mates." Welcome to the real world. [email protected]

    Reply Cancel
  • setup
    setup Sunday, 17 August 2014

    Joe Hockey has no sympathy for the vicims of banking crime. That's plain to see. He has the "i'm alright Jack too bad about you"attitude. He doesn't want to admit that he knows all about this banking crime. A bully without compassion would sum him up nicely.

Leave your comment

Guest Tuesday, 25 February 2020