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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: FOS need to sniff out fraud and Report to PM. ANZ please explain your lending practices.

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Each week we receive what we call a "classic" stuff up with criminal overtones.  Consider this:

A $2.4 million loan approved by ANZ for Centrelink recipient.  The woman concerned had experienced three major traumas in her life one on top of the other.

1. Breakup of marriage

2. Injury of a child

3. shocking injuries in an accident, depression etc.

Mrs C was the perfect target for an agent of ANZ.  The agent of ANZ suggested she borrow funds to pay out the husband and mortgage the home and to borrow further funds to refinance existing mortgage.  She could not see what could happen if she trundled down this path but she trusted the banking sector to "do the right thing."  Ah yes...............easy prey for the ANZers.

Still under medication and trauma, "the nice man" was going to rearrange her finances..........well he certainly did that.  Mrs C like so many others thought that if the bank did the wrong thing there were regulators, consumer protection when dealing with banks.....she had no idea that was the biggest myth since Jesus quite rightly, threw the money changers out of the Temple.

She then agreed to apply for a $1.3 million loan against the family home....yes it was a modest home in an expensive area......Bank Agents suggests: "Why not 'play safe' and borrow the max allowable under  ANZ policy 80% LVR?"   Now where have we heard that before?

"Kids can stay at school and we are here to help you in your hour of need."  What a nice man. "You can borrow $2.4 million and have buffer monies to pay payments and then when time comes and property rising you can sell the home and be modestly comfortable and debt free."  Yes the Major Banks love handing out Big Buffer Loans....called Jumbo loans....... after all, its only paper money.

Oh and here comes the kicker: Mrs C trusted this nice man and ANZ.  In hindsight, she admits it was not her finest moment.

ANZ was after one thing:  Mrs C's home, throw her out into the street and then collect $800,000 in blood money.

Over the next couple of years she is hit with $800,000 worth of lovely lovely fees, charges and interest from the ANZers.

The main problem for ANZ chiefs is this: You forget to tell the long suffering public the types of loans you approve and how you are continually breaking Commonwealth laws.  Did you mention you do not ring the client to ask income details?  You do not check hand-writing on Loan Application Forms ("LAFs").  You definitely do not send a copy of the LAF or the Service Calculator to the client, along with the worksheet, to ensure your staff do not "add little bits" after the poor lady has signed.  In fact you do email your staffers to tell them to "PUMP UP THE VOLUME."  

You see ANZ thought a pump up volume to 80% LVR was a great idea and nice round figures look good.................on commission sheets and bonuses for the boys including Mike Smith....oh sorry Mike this was under your watch!  When Mrs C complained about hardship a year later, did you respond perhaps?  I digress.

The "nice man" suggested she invest the surplus....whilst she was inexperienced, depressed and on medication ...oh nice one guys...more work for me.  All investments went down the gurgler.  Around $400,000 LOST.

FOS were called in.....they see a minor document called a Group Certificate stating $170,000 income....a forgery of course.  FOS also see a fake contract of sale................ and the agent signed a stat dec to say he had sighted the original.   Mrs C had never seen these manufactured documents and had nothing to do with the property mentioned.  She, like thousands of other bank customers and Mortgage Fraud victims never received these crime laden gems to add to her file and a requirement of copies in law was denied.

FOS failed to report the obvious FRAUD to the authorities.  FOS failed to haul in ANZ Mike Smith and ASIC for a "quiet word."  No occasion for lunch here.  FOS decided to send out a letter suggesting they will not be "investigating further" and promptly CLOSED THE FILE.

ANZ meanwhile had sold the debt to another bunch of whatevers........BUT FOS must have had a little word.  Suddenly ANZ entered back into the discussions  prior to closure of the file, further confusing the client victim.

FOS thought their own Terms of Reference forbade them to go ahead with investigating anything over $500,000.  But hang on: are we saying that THE BANKSTERS LIKE ANZ can lend a woman on CENTRELINK UNEMPLOYMENT BENEFITS, $1.3 million, and then, via its agent, talk her into  borrowing $2.4 million, whether she needs it or not?

You bet your sweet bibby they did!!!!!  Mike could probably smell the volume bonuses.

But ASIC refuses to demand the lifting of the pitiful FOS investigations from $500,000 to UNLIMITED.

Why should they do this?   Common sense, that's why:  If Banksters can approve $2.4 million loans to unemployed persons, especially those who are unwell, with NO LIMITS to their treachery in sight, then WHY have a limit on lodging a complaint with the External Dispute Resolution Services such as FOS?

ANZ and the other BIG three of the Cartel known as Mortgage Fraud Central know that the average loan to pensioners has climbed to $600,000 and the average loan complaint handling EDR limit is $500,000.

How cosy is that for the Banksters?   How equitable is that for Consumers?  Where is the Prime Minister again!!!  

You chaps better ring me and offer to fix this problem.  If you serve a writ, or any of your cohorts attempt to do such a thing, then we are off to the Media.   Cheers to all you Captains of Chaos  

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  • doyla66
    doyla66 Saturday, 06 April 2013

    ANZ what a pathetic lot. All you banksters cannot keep getting away with this criminal fraud. The big 4 are all rotten to the core. All members now is the time to bring out these disgraceful activities. Do not feel embarrassed or ashamed. These bank parasite have taken advantage of us. Stick together. Bring all the fraudulent activities for all to see. We have got to stop this.

  • doyla66
    doyla66 Saturday, 06 April 2013


    Where o where can the Prime Minister be. We know trade with China is important but she (Julia Gillard) has shown no response what so ever to what the banksters cartel have been up to. Fine tuning Fraud to the degree that they think they are untouchable by law, and the worst part about this sordid crime is that law enforcement(AFP), regulators(ASIC,APRA) and both sides of government would prefer to say nothing, ignorance is no excuse. There must be a lot of people in these areas with greasy palms. How un-Australian are these clowns. If this crime was committed in any other business in Australia, the perpetrators would be jailed for 15 years. Australians should demand a ROYAL COMMISSION into the banking sector urgently.

  • doyla66
    doyla66 Saturday, 06 April 2013

    I wish someone like retired judge Finkelstein QC was here to help us.


  • doyla66
    doyla66 Saturday, 06 April 2013

    The Commonwealth Bank of Australia did the same. Their agent (the broker) tried to get us to take a loan of $540,000 when UNEMPLOYED!

  • doyla66
    doyla66 Sunday, 07 April 2013

    all these Big 4 are in same basket however Commonwealth Bank Australia is on top..CBA took advantage of my husband 84 yrs old now with symptoms of dementia, with severe health issues..can hardly read and write at the time this bankster lured him into the mess, my husband stopped banking with CBA, I still do because of FOS ongoing complaint ..Yes this bankster is destroying my sanity and running after me because am still working w/ income????...Thanks BFCSA I feel encouraged with hope ROYAL COMMISSION into BANKING will dig into truth and lies..

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