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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: RAMS mortgage move angers brokers and borrowers

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RAMS mortgage move angers brokers and borrowers

Australian Financial Review Apr 23, 2019 4.35pm

Duncan Hughes


RAMS Home Loans, which is owned by Westpac, has angered mortgage brokers by withdrawing a low doc loan popular with self-employed borrowers.

But the lender claims its removal was the result of a regular product review and that self-employed and first time borrowers remain its core market.

“RAMS remains committed to self-employed customers and will continue to support self-employed lending,” a spokesman said. “RAMS will continue to support our existing customers who have these loans with us.

“Self-employed customers, along with first home buyers, remain our target segments and are key to our RAMS strategy moving forward.”

Edwin Almeida, property specialist with Ribbon Property, said: “A lot of mortgage brokers are upset. These loans constituted 50 per cent of their loan book.”

Mr Almeida said the loans were popular with borrowers who were building on their own blocks of land, particularly in Indian and Latin American communities.

Small businesses face a worsening credit squeeze as more lenders tighten the screws on using the equity in residential properties for borrowing, by reining in loan-to-value ratios to as low as 40 per cent, and toughening document checks.

Industry brokers and associations warn small businesses are being caught unfairly in the fallout from the banking royal commission that has resulted in more onerous checks on borrowers.

ASX-listed Adelaide Bank recently toughened terms for small-business borrowers that lending specialists and small-business associations claim are cumulatively squeezing the life out of efforts to grow operations, increase employment, expand footprint and acquire equipment.

Loan-to-value ratios typically had narrowed from 70 per cent to 40 per cent, according to brokers.

Lenders are tightening borrowing rules for small business as conditions toughen and property prices fall, reducing the value of their security, particularly in construction, farming and retail.

Equity draw-downs from rising residential property values increased by more than 50 per cent in the past six years as property prices soared and unsecured loans for small business slowed, according to analysis by Digital Finance Analytics.

The office of the small-business ombudsman reckons about eight in 10 small-business owners have loans or lines of credit secured against their homes, rather than against cash flows or potential business growth.

ING is also banning borrowers using their homes as security for business loans, amid a new round of tightening by lenders because of rising negative equity and tougher wholesale funding conditions.

ING's  changes target borrowers using equity in their home to buy a business or franchise.

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