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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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LOW DOC Brave Hearts: Banksters "Push for more Low Docs" "See Bankster Responses"

Posted by on in Consumers Fight Back
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So we see our BFCSA BRAVE HEART heroes: Anne Marie, Errol, Terry and Marlene express their determination to continue to fight these banksters.  Channel Seven TDT website has the transcript and video for all to see. 

"Trust is the last thing that springs to mind when these consumers think of banks."

BUT HOW DO OUR MEMBERS RESPOND:    LOOK at the current Banker RESPONSE STATEMENTS Below:-

TDT James Thomas managed to flush out: ST GEORGE, CBA and WESTPAC and whoooooaaaa they now want 95% lending!!!!

Response statement

Commonwealth Bank

  • Is Commonwealth Bank lending up to 95 per cent on Home Loans? Yes, subject to usual lending criteria which includes an assessment of credit criteria and the loan must also be accompanied by Loan Mortgage Insurance.
  • Do you consider this imprudent lending? No, all CBA lending criteria meets Responsible Lending conduct obligations as required by Chapter 3 of the National Consumer Credit Protection Act 2009. A risk assessment is conducted including credit and security assessments.
  • Have you loosened your lending criteria? No, CBA have not “loosened” our credit criteria. We are and remain fully compliant with Responsible Lending Responsible Lending conduct obligations as required by Chapter 3 of the National Consumer Credit Protection Act 2009.

St George

  • In some circumstances we do lend up to 95 per cent of the value of the property – this is standard industry practice and is offered by all the major banks. (For Low Doc loans, we lend up to 80 per cent).
  • In situations where we do lend up to 95 per cent, we apply a much stricter credit process before approving the loan.
  • This includes the need for the customer to prove they have genuine savings, as well as restrictions on the type of property and on security arrangements. We also have a maximum loan value in place.
  • We have not loosened our lending criteria – in fact, over the last twelve-eighteen months, we have tightened our credit policy in a number of ways.

Westpac

  • Is Westpac lending up to 95 per cent on Home Loans? First off, people are able to borrow up to 80 per cent without mortgage insurance. Over that amount their loan needs to be insured. Above 90 per cent - the level of borrowings at which people tend to stick at - these loans need to be insured by an outside insurer so the premiums rise quite dramatically. With that context, we do lend up to 95 per cent on full doc loans under certain circumstances. This is standard industry practice and you will find all the major banks offer the same.
  • Do you consider this imprudent lending? We take our responsibilities as a lender very seriously and therefore consider carefully all loan applications. Such credit assessments include the need for the customer to prove they have genuine savings, the type of property they are intending to purchase and the security to be put in place. Applications also have to meet our maximum loan-to-value restrictions.
  • Have you loosened your lending criteria? The amount that Westpac lends against property has become more stringent since the GFC.

If you feel you are the victim of an imprudent loan, contact Denise Brailey at the Banking and Finance Consumer Support Association on This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank" rel="nofollow" style="color: #0000cc; text-decoration: underline;">This email address is being protected from spambots. You need JavaScript enabled to view it..

  • What a Bunch of Bankers!
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Comments

  • doyla66
    doyla66 Tuesday, 02 October 2012

    Notice their comments only refer to NCCP 2009 - what about before it??

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Guest Monday, 30 November 2020