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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Service Calculators - Secret Banker Business

Posted by on in Consumer Warnings
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TRUE STORY - we love the truth.  It has a delicious way of bubbling to the surface

Guy named Bill has mate he works with named Joe.

Chatting away Bill said: "mate real big problem with dodgy LAF and CBA Bank, DB helping me out…she says SERVICE CALCULATOR is the culprit not the broker – it’s the banks teaching broker to just put base income into calculator and woosha!   In my case: $35,000 up to $130,000.  I had no idea."

Banks' service calculator (on bank pvt database) deliberately recalculates and inflate incomes ….

Joe goes home to his fiance and says:

Hi sweetie, guess what has happened to Bill today…..........

Sweetie says: when I go into work tomorrow I am going to check that out.

Sweetie just happens to work for Woosher Bank ( to protect the staffer).  Couple plan to get married soon and are looking at buying a home. Both on modest to medium incomes.

She gives the Woosher Bank Calculator a whirl – puts in true income – it does its little thing and Woosh........the calc spits out they can now borrow

$1.4 million!  Sitting at her desk she yells out across the room “NO WAY !!!!!!!”  Bit like a "When Harry met Sally" moment!"

Even the inside staffers using the “secret weapon” just for fun, cannot believe what they are seeing and it then says “Congrats” you now have pre- approval.  Joe and Bill on lunch break next day.  Joe says: "guess what mate……..just like u said........

Bill rings me…….  Denise you will never guess what!!!  

Now what if all staffers of all banks tested out the crooked calculator and printed out the copy and it came to me sanitised in brown paper bag?

Truth always has delicious way of bubbling to surface.  

MESSAGE TO ALL OUR MEMBERS:  Ring your favourite bank again and ask for the copy of the SERVICE CALCULATOR FORM, that they relied upon to approve your loan.

TELL ME their exact words - what was the response?

Do you have a copy of the SERVICE CALCULATOR FORM?  It forms part of the Loan Application Form.

Also ask for the BORROWERS INCOME STATEMENT ("BIS") or called self certification form ("SCF").

Was your bank thrilled you asked and happy to assist you the customer by sending out an immediate copy? 

Get Busy.  The Games are about to begin but these Games are bigger than the Olympics.

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  • doyla66
    doyla66 Friday, 20 July 2012

    No chance of getting anything out of my banks/lenders. LAF request met with silence.
    Maybe I'll got and have a chat to a broker about how much income I should aim for to refinance out my present situation, just for the education ... I have a feeling I'd be pleasantly surprised by the sounds of the calculator magic!

  • doyla66
    doyla66 Friday, 20 July 2012

    Another good one Denise. Also, WeKnow's latest blog has such an inspirational link!

  • doyla66
    doyla66 Friday, 20 July 2012

    ... or on a refinance "income" carry forward, they wrote their "income" figure down for you along with the corrected loan amount and faxed it to you for signing. We questioned it too but I think they said it was the figure they used for the loan or similar ...

  • doyla66
    doyla66 Friday, 20 July 2012


    Consider, all members acquire 1bank share each & attend all(36) General Meetings to ask ???'s. .

  • doyla66
    doyla66 Friday, 20 July 2012

    I like the concept, Andy.:)
    Can we do that ie buy one share only?
    Would they listen to one isolated shareholder?
    Maybe we'd have to get a group together to go to the GMs to make more impact.

  • doyla66
    doyla66 Saturday, 21 July 2012

    Idea is Group of Aggrieved Persons to give them hell re condoned Banker Fraud @ the General Meeting/s. . "as bona fide shareholders they can't deny "ENTRY" to GM!!!!

  • doyla66
    doyla66 Friday, 20 July 2012

    When I received my copy of SCF it had hubby down as $250,000 gross per month, thats right 1/4 of a million.
    (I wish it was that per annum).

    Do you honesty think I would of gone for a Low Doc and pay the extra % ???
    I dont think so!

  • doyla66
    doyla66 Friday, 20 July 2012

    The banks must think we're fools!

  • doyla66
    doyla66 Friday, 20 July 2012

    I don't have the SCF for my partner yet, but the documentation that I do have shows a very healthy "income", the figure supplied and written in by the lender, over ten times his actual taxable income on the disability pension.
    The banks had plenty of experience with self employed people and Lo Doc/No Doc loans.
    I wonder if the banks know the difference yet between turnover and income?
    Or the difference between projected income from investment and actual substantiated income?
    These weren't random bank or broker errors - there are too many cases for anyone to believe that!
    Wake up ASIC and tell them that the cases to date are the tip of the iceberg. Plenty more to come as the downturn affects employment.
    Given that the banks directly influence the ups and downs of economies and profit from this while they lie and manipulate the lending rates it's time they were accountable for their unconscionable conduct, morally and legally.

    If banks don't get away with plundering our properties and instead of huge profits are hit with multiple compensation claims for fraud and illegal re-possession I wonder if we'll see a sudden (bank driven) recovery in the economy?

  • doyla66
    doyla66 Saturday, 21 July 2012


    Correction: the disability pension is non-taxable and the self-employed net income (after allowable deductions and then less depreciation on equipment) was below the taxable threshold and did not affect the pension, according to the accountant. The "income" provided by the lender was written in as $160,000 p.a. ... still figuring out where that came from, without LAFs.
    Giving the LAFs another shot this week. Both major lenders are edgy and defensive at present. Nothing from the brokers yet ...

  • doyla66
    doyla66 Saturday, 21 July 2012

    Me; NO INCOME and broker(assume)has purportedly (maybe bank did) inserted $160k on LAF. . .What % uptick is that???

  • doyla66
    doyla66 Saturday, 21 July 2012

    The default figure for their loan system?

    If the punishment fitted the crime ...
    I've got a list of "green" jobs for the irresponsible loan risk assessor when he/she is tried and given community service. What I'd like to do to the abusive credit officers ...! Not to mention the masterminds behind this scam and the CEOs & Execs who carried it through, ordering staff to apply the pressure and get rid of us ...

  • doyla66
    doyla66 Saturday, 21 July 2012

    I've been wondering...
    Being a forward projection device which allows brokers and banks to crystal ball gaze into the future of our income, were actuaries involved in creating this?
    Forward projections are based on assumptions about growth - this doesn't work for pensioners and fixed income recipients who are on a very different growth trajectory.
    Also, why didn't the Bank internal audit and/or compliance staff pick up the non-conforming/non-compliant loans?
    When ASIC do a compliance audit what are they looking for? Or has ASIC been waiting for the critical mass of complaints per case/lender to reach the tipping point (100th monkey) before they send in the auditors and investigators?
    Is this what self-regulation is about? ie. no one checks and everyone hopes the banks are playing fair without checks and balances or audits and quality assurance?
    I guess the bank would need it on the list to ensure it was checked ie. how do they reconcile "does it comply with section 25 of the Code" with "mate, we jigged it and made it fit - no worries, Trev, you got the loan"?

  • Denise
    Denise Saturday, 21 July 2012

    Hi Lisa - great call re audits and S 25 of the Code;
    Its called DE - REGULATION: meaning everyone can now look the other way...not my problem.... turning all equity into debt is OK for the economy and feeds dollars back into the market place.....
    So the call is for the end of De-regulation.

  • doyla66
    doyla66 Saturday, 21 July 2012

    Thankyou, Denise. I wasn't sure if I'd got it straight ...
    I wondered if PwC, KPMG, Deloitte etc fudge their reports for the ASX to keep their big bank clients?
    Royal Commission needed for that scale of investigative clout ... if the political will exists here for a genuine clean out, not just appeasing the masses with a token job ...

    If it were a mass broker fraud it would have been picked up by audit and there would have been a massive reaction to control bad brokers.
    It's very clear that those who designed and implemented this fraud had the power to dupe, delude and evade punishment. It's like the fairytale about the Emperor who had no clothes. We can thank the court fortune tellers (economists) for it too. The ordinary people bought into the mythology about debt to create cash flow for the good of their families and the country ... and brokers and banks pedalled it hard out there in the marketplace.
    And out of sight the bank rats gnawed at the foundations of the Castle until there was no substance to our Australian Dreams that we worked so hard to create over the years ...
    End Bank De-regulation now!
    Back to the letter writing!

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