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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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Service Calculators Exposed as the Culprit

Posted by on in Consumer Warnings
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At last TRUTH is bubbling to the surface.

BFCSA asked you to seek a copy of the SERVICE CALCULATOR FORM ("SCF") for a very specific reason.

We believe it will lead you to unravelling the hidden methods used by banks and the internal loan processing system used by credit assessors.  We hope this revelation will lead us all to a ROYAL COMMISSION INTO THE BANKING SECTOR

Through hundreds of Members' efforts in asking for copy of the Service Calculator during the past month, we can now reveal the following:-

All Bankers have decided in unison: "the service calculator is an internal document."

Another explanation: "The service calculator was only used by credit assessors to assess affordability."

IN TRUTH:  The SERVICE CALCULATOR is a secret weapon of the bankers involved in  this scam and a dirty little secret they would prefer you did not discover.  The Calculator is actually an ONLINE CALCULATOR designed and devised by bankers for two purposes:-

To permit the Calculator to be only accessed by all its 44,000 Brokers on the Banks' own Online Internal System.  Brokers were given codes and passwords from each bank loan facility, to access this secret system.  

Step 1:  The Brokers were taught by visiting Bank officers known as Business Development Managers ("BDM's") tips on how to use the calculator.

Step 2:  Brokers were taught to obtain the signatures required on a THREE PAGE LAF and add further details on other pages after arriving back at their offices.  The potential bank customers only recall a three page document (not 11 pages).

Step 3:  Brokers would then place all the "filled in pages" and attach to the original three pages which contained mundane info such as name, address, phone numbers etc and the all important signatures.  This explains the recently discovered and exaggerated "everything" on the missing pages.

Step 4:  After collating the extra pages and the Broker Notes, and the broker signed ID check list (as agents of the bankers to satisfy Banker obligations under ATAML Act), the Borrower Income Statement and the ID attachment, the FAXED PAGES numbered 26 - 39 pages in all

Now in my experience: Bankers lie but FAX Page and, Date & Page # imprints tell the truth.  Just about the only bit on the documents that was not contrived.

Step 5:  Next the Broker would go to the bank online database and put into a square the BASE INCOME (say $50,000) on the online service calculator.  Figures relating to the expected purchase of property and the tax concessions and advantages were ADDED BACK into the equation along with other accounting calculations.  HEY PRESTO THE NEW INCOME would be hiked up to say $180,000.  It was a Golly Gosh Moment!!!!   The bankers' dream calculator would then be printed out by the Broker, as instructed by the BDM, with a sassy looking "I WISH INCOME"

Step 6:  The LAF PACK of 26 pages, ie the "LAF26PACK" including the print-out of the SERVICE CALC would then safely arrive on the first level of credit assessors' ("CA's") desks.  There are three levels of checking up to managerial level!

Step 7:  The CA would see if the maximum LVR could be reached by tweaking a few figures and would indeed create a new Service Calculator Form to insure the loan was "made to fit" (industry jargon) before being packed off to The Insurers.  No-one checked the affordability!

Step 8: The secret internal document had a few copies to "make it fit" yet the CA would then enter into the database system: "Congrats your loan is now approved."  Brokers were permitted by Banks, by use of the passwords, to monitor progress of their "deals" and which loans were approved.

Step 9:  CA's would ask the Broker directly in "Further Info Required Forms" if more information was needed.  These documents would question details about employment etc but rarely about income.

The bankers involved in this scam DO NOT WANT YOU TO DISCOVER THIS DOCUMENT.  That is painfully obvious.  The real truth comes from the Brokers: "Denise, without the service calculator, we would not have known what figures to enter on to the LAF."

"That is why the Banksters switched to NO DOCS as the dreaded service calculator was no longer necessary."  Brokers would stuff up the figures and CA's would have to tweak a little harder.  So in 2007/8 most Banks switched to NO DOCS, encouraged by the BDMs.


1.   Why are the banksters claiming the SCF is an "internal document" when they know the first and most likely incorrect copy is still in the hands of the Brokers - they have a copy?

2.   Why are the Brokers too frightened to hand over their copy.

3.   Is the Broker copy identical to the Bank copy?   We believe answer is NO.  FOS has told us their are multiple copies of the LAFs for the same reason.  Police have said the same "up to eight copies and most have bits added and altered."

4.   How can the banker's claim the SCF was purely an internal document if the Brokers had access to the bank system database?

5.   WHY did 36 Banks invent an identical service calculator if not to decieve the unwary public into borrowing equity loans against their own homes and IN ALL CASES used a "futuristic income model" which flies in the fact of prudent lending practices and their own LENDING POLICY GUIDELINES and bankers' Code of Conduct?

6.   Will the Banking Ombudsman FOS, now openly use its powers of persuasion and now demand copies of the SERVICE CALCULATOR FORMS (both Broker copies and banker copies) and when can the victims of Low docs and No Docs receive their copies?


All of the above activity was without the knowledge or understanding or authority of the customers - deliberately so.  Their signature was grossly abused and intentionally so.  These are criminal acts.

We are not asking for a ROYAL COMMISSION INTO THE BANKING SYSTEM per se.

We are demanding an answer as to why Our Federal Government seems to think WE THE PEOPLE do not need one."

Time to write to Our Prime Minister and explain why Australia needs a ROYAL COMMISSION into the Banking Sector and why the Commissioner would need a very BROAD TERMS OF REFERENCE.

BFCSA (Inc) would like to see a FREEZE ON ALL PAYMENTS relating to these miserable loans whilst a full investigation is carried out by the Commissioner appointed.

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  • doyla66
    doyla66 Thursday, 02 August 2012

    Denise this is got to be one of the best blogs yet. You have described it so acurately it all makes sense, the pieces are all fitting in together nicely. I'm loving this!
    How the hell are the banks going to deny this now :p? what more proof do we need in order to DEMAND A ROYAL COMMISSION INTO THE BANKING SECTOR ?

    Just for everyone information, I managed to get my copy of SCF last week from my local branch.....hehehe to the banks.

    Denise - LOVE YOUR WORK! :)

  • doyla66
    doyla66 Thursday, 02 August 2012

    They have to be taken to task. Evil happens when good people do nothing.

  • doyla66
    doyla66 Thursday, 02 August 2012


  • doyla66
    doyla66 Friday, 03 August 2012

    You describe this so simply in such an uncomplicated way. Just brilliant!
    What still stuns me is how deftly they have colluded in pulling this off. So easily too. Nothing or nobody has been willing to stop them, to pull them up on it. Surely, Denise cannot be the only one with sense enough to see it?
    Are our federal regulatory agencies really that stupid? Do they just go to work & snooze? Is the common public perception that you

    duck, weave & buck-pass your way through the public service
    to climb up the ladder that accurate? I hope not! Document handlers at ASIC, APRA, BFSO, COSL should be named & shamed for not doing their work properly.

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