Why Banks lie!

Really, it is no surprise that the major banks and financial institutions are going to continue this type of behaviour.

They rely on the old saying "It is better to seek forgiveness, than ask for permission".

They only get caught if someone actually reports them and provides evidence.

The government can only take action if the matter is raised legally, otherwise it's business as usual.

Given that a Royal Commission has taken place, calling for the investigation into the conduct of the major banks and financial institutions and it has revealed what everyone secretly knows is just a tiny fraction of what those naughty boys and girls at the major banks have been up to. The issue here is that despite being questioned about their activities, they try and shift the blame elsewhere, IE mortgage brokers. I love the one about claiming in a very broad statement that brokers write larger loans than banks.

I guess without sufficient supporting evidence, it is a ambiguous and subjective statement. In most cases, when a broker writes a large loan for a client, it is to consolidate the personal debts that the client has been encouraged ( by the bank usually) to take on after they buy a home. The constant pressure from easy finance commercials( with hidden pain) all across the media. As well as the many years of unethical car finance being perpetrated by car yards( see the Alpha One court ruling).

The compounding short term debts are literally grinding an individual to their knees and it's not always the client's fault they get into this mess.

They latest odorous output coming from the major banks is how they provide and care for the community in Australia. The big 4 collectively employs about

159 630 people Australia wide. They are committing to reducing the work force by 12 % ( about 20 000 people)in the next few years, citing technology enhancements and so on. Really, it will be outsourcing overseas again, with our private details going offshore.

I guess being one of those 20 000, you wouldn't be feeling the love much. The main thing here, is that there are at least 50 more lenders in Australia that can provide you with a home loan. All you need to do is ask a mortgage broker and watch the choices roll in. The rest of Australia will actually be better off, so give it a try.