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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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Subscribe to this list via RSS Blog posts tagged in ASIC Chairman failures
Rise of the vigilante   Email Print Normal font Large font John Collett SMHMay 2, 2007 Tracked down ... Kovelan Bangaru.Photo: Rob Homer   Fed up with the Australian Securities and Investments Commission's inaction, investors who lost their life savings in collapsed investment schemes are taking matters into their own hands. Having had their patience tested to breaking point, they are now tracking down promoters of failed schemes to their overseas hideaways and serving them with legal claims. Katya Barnes and her husband lost $160,000 with the property developer Streetwise, which collapsed in 2005 with more than $60 million in losses. Streetwise's founder, Kovelan Bangaru, fled to the United States soon after the collapse, after the regulator failed to freeze his passport. The Barneses went to California and, with the help of a private investigator, located Bangaru. He has since been arrested and is awaiting extradition back to Australia. In another example...
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Sending everyone into poverty - no home no money:   How does that assist the Australian Economy?  Would the Prime Minister please explain what can be done to this ASIC REGULATORY problem?  This email address is being protected from spambots. You need JavaScript enabled to view it.        Our petition on chang.org at 830 persons ripped of and suffering regulatory corruption from white collar criminals:  Calls for Royal Commission   This is the link and thank you for support as this is sorely needed and long overdue:   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners     Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson  http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme...
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  • organza
    organza says #
    Good luck in trying to get an honest answer from our PM who a little birdie has just told me has to now wear a tiny microphone in
  • setup
    setup says #
    Prime Minister, you do have the power to stand up to Asic and the banks. Prove your worth and stop this horrific suffering. Put a
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Chairman Medcraft knows that pensioners have no money for lawyers.  He knows there is only a chance of class action AFTER you lose your home: ie for HOMES LOST CLASS.  He knows there is no chance of getting class funding to SAVE HOMES.  Then he states: “Mr Medcraft said class actions backed by litigation funders was a welcome development that complemented what ASIC did. Yes Greg – you just want the funders to do YOUR JOB whilst you sit like Mother Hen on all the obscene “accumulated funds” that ASIC has at its disposal.  Problem Greg: you did not use the funds for the past decade of LOW DOC LOAN VICTIMS.  Instead you allowed Banks to run up even bigger debts for pensioners and those on centrelink benefits. You are a worm Mr Medcraft, and a W Banker and no help to Consumer Protection at all.  You did provide heaps of...
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Get a copy of SUNDAY MAIL - couriermail.com.au   11th May 2014 Great one page article - retirees and pensioners fed up with ASIC's dithering around, protecting their banking buddies, whilst dishonestly proclaiming they are protecting consumer interests. Can someone find an e-copy for me.........................great article.  This email address is being protected from spambots. You need JavaScript enabled to view it....
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Time for ASIC to pay the Piper.  I noticed Budget set to carve up ASIC.  Should have been executed long ago.  We now need a Federal Consumer Protection Bureau with Serious Fraud Unit.  They will find a lot of data errors and deliberate wipeouts in their system as we have found over 15 years.  Many coy directors have six DOBs.   So a private concern gets the benefit of all this data but the public do not?    Certainly ASIC was wallowing the info to collect dust!  Might as well sell off all our libraries!!!!  ASIC needs to be chopped up and sold off bit by lousy bit.  Have you noticed the Prime Minister is determined to get rid of all these monoliths of uselessness, but ASIC is a cash cow.  So its a sell off of the generated $750 million per annum income.  OK SO ITS BACK TO 1950's BUYER...
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ASIC blasts Commonwealth FP on YouTube     Written by Aleks VickovichMonday, 05 May 2014 http://www.ifa.com.au/news/13171-asic-blasts-commonwealth-fp-on-youtube   ASIC has called for stronger powers to take action against executives and managers in the financial advice industry, amid allegations of further wrongdoing by former CBA-aligned advisers. In a YouTube video uploaded this morning, ASIC deputy chairman Peter Kell spoke directly to the Australian public about the Commonwealth Financial Planning scandal, pre-empting an ABC TV report scheduled to air this evening.“Tonight the ABC Four Corners is doing a story on Commonwealth Financial Planning, or CFP, and the conduct of that company’s financial planners six years ago,” Mr Kell said. “I wanted to tell you what ASIC has done about CFP and the financial planning industry more generally; what CFP did six years ago was simply unacceptable.  Pete it was FRAUD......“Commonwealth financial planners were giving very poor advice to clients, driven by conflicted commission payments. This was part of a...
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  • doyla66
    doyla66 says #
    Shoulda, woulda, coulda .... when are ASIC going to start speaking plain Aussie English about exactly what is going to be differen
  • doyla66
    doyla66 says #
    Well said waiting for justice, what gives ASIC the right to protect the banking system and hierarchy from criminal intent using fr
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http://www.yourmortgage.com.au/article/understanding-your-loan-contract-79411.aspx Mortgage misconceptions Even if you go through the contract with a fine-tooth comb and understand all the fees, charges, and conditions, it doesn’t mean you are fully protected. This is because of a feature known as the “unilateral variation clause”. Check the terms and conditions of your loan and you are very likely to find this clause in the fine print.  Basically this clause states that banks and finance companies can change any of the terms and conditions at any time without giving you any notice. Some of the things they are able to do is to increase the interest rate charged on your loan or even call in the loan at any time.  Experts say you really can’t do much about this clause which is basically standard in every credit contract. However, you should make sure your lender is part of an industry dispute resolution scheme as if you...
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The bank scams that have invaded Australia, are tearing families apart, destroying lives, by stroke or heart attacks around the nation, all because of a product that Bank Engineers like Medcraft & Mates. A BFCSA Members tells of the pain and family suffering, better than I could ever describe: "After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these hideous bankers and their evil secret service calculator they invented, are killing the previously happy lives of ordinary Australian families....... Observers and Readers..... Yes..... You are right...... It's the Loan Application Forms ("LAF") that destroyed us. After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these bxxxxx bankers and the...
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  • doyla66
    doyla66 says #
    If I had committed a fraud I am damn sure that I would be shown no mercy. No passing go, just straight to jail. Shouldn't it be o
  • doyla66
    doyla66 says #
    It's time to extinguish all fraudulent loans and stop the pain and suffering. We do not deserve to go through this pain and tortur
  • doyla66
    doyla66 says #
    "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers" Ja
  • doyla66
    doyla66 says #
    What I find absolutely amusing is the fact that Mr Kirk ? from ASIC said to the senators "do you realise what this will cost the b
  • doyla66
    doyla66 says #
    It has nearly been 12 months since Nab took possession of our home. The pain is still there. The torment, the embarrassment, all
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For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
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  • doyla66
    doyla66 says #
    The bank's internal service calculator is very different to ones provided online. I have a copy of one. Also David Liddy gave a g
  • Denise
    Denise says #
    Senators have copies of the ICW and Service Calculator and so do ASIC - delivered in person. All have been fulled briefed. I wil
  • Denise
    Denise says #
    Dear Noemail, If you wish to view copy of service calculator (we have written many blogs on this and will be more) and ICW, just
  • doyla66
    doyla66 says #
    Denise, You have maintained the secret calculator's existence; The SCF and its second page ICW (Income Work Sheet - massaging in
  • Denise
    Denise says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • doyla66
    doyla66 says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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And the comments continue whilst we wait for ASIC's next orbit (eg round in circles)....................From that height they can only see tall bank and insurance buildings the GREEDY BIG END OF TOWN....................no pesky consumers.       This observant piece from a member:- Great analysis Denise. I agree with Organza - we'd be laughing in the aisles if this weren't such a tragedy.  The lack of depth in ASICs comments is what gets to most people. It's like they're parroting buzz words and catch phrases.  As for having faith ... that's nice, but we're looking for real solutions, not just the public service PR fluff that keeps being recycled.  It's like a conversation between robots with pre-recorded responses.  But what we're saying is: "Danger, danger Will Robinson" and "Destroy Exterminate".  And the boffins at ASIC are trotting out totally inappropriate responses, like they're on another planet, which clearly they have been...
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  • doyla66
    doyla66 says #
    Mars first to burn them up, Neptune to vaporise them followed by Pluto (the ferryman and the underworld) - - - but do NOT put any
  • doyla66
    doyla66 says #
    May I suggest Kabul as a holiday destination for Medcraft, his commissioners and Mr. Field
  • doyla66
    doyla66 says #
    The adjustment of our data in the financial calculator seems to be different for different financial products across different len
  • Denise
    Denise says #
    Somewhere or other in recent times, ASIC has suggested: "the serviceability calculator was a tool to be used by brokers "as an Aid
  • doyla66
    doyla66 says #
    Very good point Neil, maybe we should be writing a letter to the senators requesting the calculator. If ASIC's claim of being a "h
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       INTRODUCTION ADDRESS TO PARLIAMENT by Denise Brailey: 20th Feb 2014   Thank you Senators, I would like to begin my perspective of ASIC’s performance with a detailed summary of my 15 years of dealing with ASIC at Commissioner Level, in most States. My files harbour an extensive historical record of consumer complaints being ignored by ASIC. Now in 2014, we read another few hundred submissions stating the same lack of confidence exists when vulnerable consumers are forced to deal with ASIC.   Individual losses from the pockets of hard working Australians ought to be of considerable concern to the Australian Parliament. Serious financial burdens placed upon older people losing their homes, retirement funds, and financial security places an immense burden on our economy.   Firstly, I would like to table the original 2001 LIST of SCAMS that I uncovered 1997 to 2001. I briefed ASIC hierarchy in meetings...
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  • doyla66
    doyla66 says #
    ASIC have lost the plot or did they ever know what was happening? A huge money waster. No morals, no guts.!!!!!
  • doyla66
    doyla66 says #
    Your right arree, BFCSA also exists because victims of bank fraud have no where else to go as the regulator is hopeless, asleep at
  • doyla66
    doyla66 says #
    "BFCSA exists because of ASIC’s incompetence and bad performance on a national level. " EXACTLY !!
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http://www.dailyreckoning.com.au/its-not-like-asic-will-save-you/2013/10/31/ ASIC, the regulator of the Australian financial system (and also the regulator of financial publishers like us), is on the receiving end of some remarkable criticism. It’s remarkable, not because of its content, but because of who it’s coming from. Usually, the customers complain about how big business shafted them. But things are so bad at the corporate regulator that even big business is up in arms.  The Australian Financial Review‘s Patrick Durkin put the story together very well. Here are our favourite bits: ‘Accounting firm BDO pointed to a specific confidential investigation they had carried out and referred to ASIC into the misconduct of an auditor which was never examined.  ‘"Despite the extensive amount of work and costs involved in conducting the investigation, there would appear to have been no action taken by ASIC to investigate the matter," BDO national audit partner Tim Kendall said..........…judge and former head of...
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  • doyla66
    doyla66 says #
    ANZ CREDIT CARD STATEMENTS are not being issued so they don't have to pay out monies owed to consumers in CLASS ACTION
  • doyla66
    doyla66 says #
    I know Maria - the definition of how to try flogging a dead horse is trying to get through to any more than a programmed response
  • doyla66
    doyla66 says #
    I was being facetious Organza. I was merely pointing out the usual pathetic response from ASIC. Every time they are asked why they
  • doyla66
    doyla66 says #
    On past performance would not be holding my breath Maria! All becoming rather tiresome really for they probably really believe th
  • doyla66
    doyla66 says #
    Yes and ASIC will thank you for bringing it their attention as they were unaware of the problem and will look into it asap.
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ASIC claim the emails I gave to their executives are "merely marketing by banks."  Dear Reader, I invite you to be judge and jury.  I have over 2000 emails between various Bank BDMs and Middle Management to Broker Channel - all brokers all states in Australia. In February 2013 I travelled 400km round trip to deliver to ASIC Commissioner a PACK OF 200 emails.  I placed all of these documents into my storage files in PDF form. I then placed them on to this website for the world to READ.  ASIC had their crack team of five investigators pour over these documents, including the SERVICE CALCULATOR FORMS and ICW worksheets.  ASIC kept these documents for 4 months.  I then travelled same distance to ask ASIC to hand back my originals.  These are in a SEALED PACK.  I have not opened the PACK - its in a safe house - waiting for...
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  • doyla66
    doyla66 says #
    Just another tosser who is another greed driven narcissist like the rest of them that are playing the cover up game-you penguins w
  • doyla66
    doyla66 says #
    Does an application to rent or lease an office to get back to work (or a tent space or caravan or shed when our homes are illegall
  • doyla66
    doyla66 says #
    Perth radio: 6PR spoke with an ASIC senior credit guru this morning in relation to the new credit check point scoring legislation
  • doyla66
    doyla66 says #
    Talk about blankety blank! Check this out - Senator WILLIAMS: Was your appointment advertised or were you just appointed to the
  • doyla66
    doyla66 says #
    I wonder if Greg Medicraft thinks he has FOOLED the good Senators? I don't think so Greggy boy...... Bad boys go to jail...... Tel
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The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel. ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home. You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can...
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  • doyla66
    doyla66 says #
    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush
  • doyla66
    doyla66 says #
    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS. THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE.
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Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments. You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.   The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt...
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  • doyla66
    doyla66 says #
    We hear daily lot about the scams and cheating on these issues. Therefore government should come in front and should make strict p
  • doyla66
    doyla66 says #
    You are so right Neil we are certainly seeing yet another limp wristed sook out to appease the masses instead of making the long r
  • doyla66
    doyla66 says #
    Members if you think the banksters have it good now wait until Joe Hockey relaxes all the rules which he stated he was going to do
  • doyla66
    doyla66 says #
    I am so interested to see how Greggy handles genuine pressure (the same sort of pressure we victims have had to cope with every da
  • doyla66
    doyla66 says #
    From the asic website......... Greg Medcraft was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASI
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We lost  our  home of  13 years  by  fraud  by  J P Morgan, Bank of New York Trust and  & PEPPER HOME  LOANS and Financial Express pay day lenders. My  name    is   Terry    Moore   and  my  wife   is  Marlene  Forrest-Moore   we  had  a  home  in  Halls  Head  for  13  years. We raised five children and there are several grandchildren – all decent honest people. There is no level playing field in Our Story................... In September 2004  I  had  a work  place  accident  and  in  December  2005, my  wife  had  work  place  injury.  We  had  a  mortgage  over  our property  with  La TROBE   Financial.  In  2007   a  friend   put  us  in  contact   with  a   broker  name  MARY GARTLAND - ABBOTT    Mary   came  to  our  home  in   January  2007    to  talk   about  refinancing  our  L A   Trobe  ...
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  • doyla66
    doyla66 says #
    If our tax dollar pays the salaries of Medcraft & Kell, can we not fight to have them sacked?
  • doyla66
    doyla66 says #
    Just re-read this horror story for the second time for had to walk away from the PC when I first read through it yesterday and lea
  • doyla66
    doyla66 says #
    God, I hope Greg Medcraft and Peter Kell stand before the Senators because I want them to see we are living breathing human beings
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Financial inquiry: currencies and cover ups? Beware the doom loop The FSI draft terms of reference also covers up the dangerous exposure of Australian Banks to what a director of the Bank of England described as a “Doom Loop”. This is created by interbank loans becoming so tight and complex that if one bank fails they could all fail.  Regulators allowed our banks to be exposed to this foreign exchange risk that I identified in my Australian Financial Review article on 3 April, 2008.  The failure of regulators to act required the government six months later to guarantee the foreign borrowings of our banks. This danger still exists but is covered up by the draft FSI terms of reference   Why official money created out of nothing should earn interest is a mystery. It is a mystery why the government has not asked the FSI to investigate this.  Expert economic advisers to...
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Posted by on in Dumb ASIC
399 Submissions and counting..... Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards. This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman. Banks must be whooping for joy... So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings...
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Aussies just want a fair go, so here are a few tips to ensure all Australians about to sign a Mortgage Application in 2014, are prepared enough to ask their Lender some serious questions BEFORE SIGNING.  Before you sign, tell the Mortgage Seller - these are MY RULES: 1.  Demand the Broker or Bank Manager immediately hand you two copies of Loan Application Form ("LAF") and sign both and RETAIN the second original document for your records.  Ensure the LAF is 11 pages (not the usually presented three pages).  Its a bank scam.  Refuse to hand the signed original over unless there is an ORIGINAL COPY for YOU. 2.  All prospective borrowers MUST receive a phone call from LENDER asking "How much do you earn."  If Lender does not do this after you have submitted the Loan Application Form....then cancel the LAF as a document and process and tell them the reason being "we suspect...
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  • doyla66
    doyla66 says #
    You have to be assertive and insist on your rights in all financial dealings now in Australia. This is because our regulators hav
  • Denise
    Denise says #
    Excellent spin Andrew and with all due respect you probably do not realise that the product you are selling/promoting does not sav
  • doyla66
    doyla66 says #
    I can only hope this is intended as humour, . . . . .seriously, no one is out there trying to rip their clients off, not a bank le
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