In 2010, I received settlement on my divorce and approached Maquarie Bank for a loan. I told them that I had lost my business - my divorce has undermined my enthusiasm for anything - and it has been sold.

I advised them that I was unemployed - stated in writing, and was moving out of Sydney to cheaper housing. At the time, I was 55 years old.

I was probably depressed, certainly upset, that I had lost both my marriage, long term dwelling and business in the space of one year. I combined all my savings - they gave me $480,000 on a 30 year loan, with the full knowledge that I was unemployed.

The only thing that saved me, was I put my retirement savings from super (I was 55) into the offset account.

At the time, I believed I would get work. I had been employed consistently for 20 years and had no idea how hard it was to get work, as an older person. I am now 58, its no easier.

Originally I asked for a small loan to buy a modest house. The broker said, get a big house, values are going up, and put your retirement savings into the offset, and buy another property down the track.

I realised that I had been sold a pup. Between the broker (who said, spend  as much as you can) and the Bank, they allowed me to signup for a loan that I was clearly incapable of servicing, because I am unemployed. The best I have been able to manage is a few hours a week (some weeks) doing copywriting. In fact, I have not paid any tax over the last few years, my income has been so low (I don't receive a penny in welfare).

In the meantime, the market collapsed. My retirement savings are slashed by about $100,000.

If the Bank had followed its obligations under the law (introduced in 2010) they would have refused any loan until I had employment. Looking back, I can see that the loss of my marriage and business drove me into a depression, where I just wanted some security. If the Bank had followed they law they would not have given a 55 year old, unemployed man, moving to an area of high unemployment, a $480,000 loan.

They acted against the law, and I am the (much) poorer for their willful negligence and breach of Australian law. My case is infront of FOS.

To survive, I have rented the house out and I am living rent free on a farm in return for maintaining the place.

I do not claim any welfare of any sort.

Kind Regards
Donn