I loved the game Monopoly as a child.  All that money when someone landed on my hotel site. What a buzz.  Still I would never have thought to become a hotel owner or banker who collects money or interest for a living. I did use the same game principles to choose to work hard, pay my taxes and provide for my family. I write this blog today in the hope that someone out there in politics, the media or legal fraternity may get an inkling of what has happened and is still happening to hard working Australians.  Not everyone, but the few that dreamed of investing or getting ahead to secure their financial future. The media is riddled with so many reports of victims of financial misconduct. If there's one sure thing I've learned about life is that one day you are born and one day you'll die.  It's what you do in between that sets the scene for the life you choose to live.  We are all different with different wants and needs, love, money, success.. Ultimately peace among people would just make life easier.

Business and investing in properties has given me a good life. I bought and sold my own home 7 times. I am not arrogant, I do not judge people for what they have or don't have although old friends judge me.  We all choose our life path and are ultimately responsible for ourselves. For 20 years my dream was to buy a great family home. I worked hard, I bought and sold properties to accumulate wealth so that one day I could buy my dream home. As materialistic as it seems, the game of Monopoly never taught me to be frugal or that the most valuable thing in life is your health, your children and your family.

I did buy that home.  It's perfect.  And it feels like home finally. You see, I'm about to have my home taken from me. Not because, I missed a payment or lost my job have done anything wrong.  I simply could not afford to make the repayments from day one.  It's been 4 years mind you.. You see the bank, through a broker provided me with a Low Doc Loan.  The asked for my BAS statements, bank statements and gave me declaration form with my name on it and said please sign here and we will be happy to help you complete the paperwork on your behalf.  I'm in shock!  Do you mean that you are really going to lend me the money for my dream home? I remember the feeling of nervousness on settlement.  It was a sick feeling. I had a bank account full of cash and a dream home for my family.  I thought, I'll definitely now do the right thing and repay the interest to the bank every month by whatever means.  I drained money from my business to make payments.  That money wasn't mine to take for my home it was to keep my business going. That year my personal income was $37,000. The next year it was $50,000. Yes it's on my tax returns.

Bank interest first month was approx $12,000.  This might give you an idea of the size of my dream home loan! Every month there was an interest payment taken from our account.  By the 3rd year it was about $16,000 per month. BTW I'm still on a low income, trying to save my business.  How did I make payments? Easy..The bank provided me with a valuation and lent me up to 65% of the value of the property. Sounds standard so far...  But what about serviceablilty? Why would the bank approve such a loan consciously knowing that our income was fairly low? This is where the bank in their wisdom provided a banking product called low doc loan.  "We trust you to pay it back but we want to see that you are able to afford it so show us your BAS, ITR, P&L's, Balance sheet, bank statements." Great.  No doubt they put all my data into their Service Calculator to ensure that I could afford to repay the loan.  I mean, why would any bank give you money that you couldn't repay.  If anyone can get free money, why aren't we all lining up? Pass go and receive $2M! I have no doubt that these trusted Banking pillars of our society who are always on hand to assist, to lend and manage my savings in their bank are honest enough to protect my interests. That's what I believed anyway.

I haven't paid my $16K for about 6 months now.  I have no money.  The surplus cash from "the banks valuation" was deposited into my account only to be taken back out as interest payments. Approx $180K per year until there was none left.

Why did the bank lend me the money? Because my broker completed my low doc declaration and my loan application form reporting to the bank that my personal income was $1.1M and also $2.4M (yes $million). Simply fraudulently completed applications with grossly exaggerated income.

Complaints to ASIC, APRA, COSL, FOS and the banks are falling on deaf ears. No one cares.  Is there no justice in Australia for this type of fraud.

Does the bank accept their responsibility under the consumer credit code or banking code of conduct?

Should the bank's unconscionable conduct in this matter be left unheard?  Who will be the one Australian person that pulls the plug on the secret dungeon of Bank corruption? 

If the matter is to be heard will someone please approve a Royal Commission into Australian Banking fraud so that Australians can be at peace.

To all those who have lost their savings or their homes to bankers. Yes it's the most debilitating feeling. Try and be strong, look after your health and don't let the misery effect your family and friends. Remember that this is a moment in time and with a lot of hope, good people like Denise Brailey is working tirelessly without pay while bashing down big doors to change the lives of those affected by fraud in this country and protect the future of our families.

I was a little apprehensive about sharing my story. Now I feel lighter!  Take the time to blog your story in the hope that the awareness makes it to someone who has the power to make a difference.