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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: MyState bans 'high risk' off-the-plan property loans. Essentially banning the borrowers.

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APRA did a secret report in 2005 on valuation standards, warning  the risk to ADI’s  were to individual properties, not whole suburbs........


MyState bans 'high risk' off-the-plan property loans


2 February 2017

Duncan Hughes


MyState, the listed financial services group, is set to ban funding for off-the-plan borrowers in hundreds of suburbs across four states amid growing nervousness about over-supply, falling demand and a backlog of uncompleted deals because of a lending freeze to overseas buyers.

The bank is circulating a confidential blacklist of nearly 90 'high risk' postcodes in Western Australia, Queensland,

South Australia and Tasmania, advising staff and mortgage brokers where "no off-the-plan applications will be


Nearly 28 of the postcodes are in Queensland, 25 in Western Australia and the remainder in South Australia and Tasmania. Many of the postcodes cover multiple suburbs. 

Lending for other property deals in designated suburbs has been tightened with amounts capped at $500,000 and 30 per cent deposits. The bank has also tightened lending terms and conditions for suburbs not included on the 'high risk postcode register'.



Every state and territory, except NSW, is confronting a swelling surplus with an additional 200,000 to be completed this year and 217,000 in 2018, according to industry statistics.

A large number of overseas buyers are believed to have been hit by Australian lenders crackdown on overseas

borrowing because of concerns about fraudulent applications.

The company would not comment on the changes that apply from Friday.

AMP tightens terms

Tasmania is the company's biggest single market but Victoria and NSW comprise nearly 25 per cent of its home loan book. Victorian loans have increased at a compound rate of nearly 65 per cent in the past two years.

MyState is a constant target of speculation about either being a takeover target, or an acquirer, with boutique credit specialist LaTrobe Financial recently cited as a possible deal.

It has traditionally been reliant on the residential mortgage-backed securities for up to half of its whole sale funding.

Loan growth and regional diversification has been augmented by its use of third party channels, particularly mortgage brokers.

Several lenders, including AMP, are tightening lending terms and conditions for high rise apartments that are mushrooming around the central business districts of east coast capitals, particularly Melbourne and Brisbane.

But this is believed to be the first ban on lending to off the plan buyers.

Other lenders are raising investment loan rates, increasing minimum deposits, tightening lending criteria, restricting discounting, scrutinising borrower income more closely and requiring interest-only borrowers to disclose their strategies for repaying loan principals.

Developers are attempting to offset the tougher selling conditions by capping stamp duty, helping with deposits, including fixtures and white goods or offering brokers and agents lucrative commission payments.



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