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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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Westpac announces lending restrictions for foreign buyers

Posted by on in ROYAL COMMISSION URGENT
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Passing the buck!

 Westpac announces lending restrictions for foreign buyers

 
By Phil McCarroll | 27 Jul 2015
 
A third Australian bank has announced changes to its lending practices in response to the Australian Prudential Regulation Authority’s (APRA) push to reign in the levels of finance being supplied to investors.

APRA last week 
told banks they had to hold more capital against their mortgages as part of their efforts to bring annual growth of investor lending to under 10% and theCommonwealth Bank and ANZ both announced rate increases as a result.

Those moves have been followed by Westpac attempting to curtail lending to foreign investors by writing to mortgage brokers to tell them that all applicants must have an Australian visa and confirm to Foreign Investment Review Board (FIRB) requirements.

“All future home lending applications that you submit to Westpac must contain a primary application that has an Australian residential address," the letter read.

According to the AFR, the letter was sent to brokers identified as having a high proportion of clients who do not reside in Australia.

In a statement to the AFR, a Westpac spokesperson said the bank was reminding brokers to operate within the FIRB rules.

"It's just a reminder to brokers with a higher percentage of non-resident lending that when submitting owner-occupied applications [they] should contain an Australian residential address."
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