From a couple who are BFCSA Members:
In 2009 we forced to take out an Adelaide Bank loan by the banker’s agent for $435,000 .We were approaching 80 years of age and both unemployed. LAF was completed in 3 different types of handwriting not ours. LAF contained numerous anomalies, assets that did not exist, income listed as $600,000. Our actual income from savings was $32,000. Monthly repayments were $2590 plus monthly repayments of $3505 for an existing loan, this amounted to yearly repayments of $73,150 to be serviced from an income of $32,000. It was impossible to service the loan. Banks’ lawyers forced us to sell the property under market value and repay them $575,000 including default interest. We were bullied into signing a deed of settlement under duress to repay Adelaide.
The only thing that can stop this sought of behaviour is a ROYAL COMMISSION.