Westpac cleaned me out

‘Westpac cleaned me out’: Builder spends six years in the bush after $165,000 mortgage wipe-out

‘Westpac cleaned me out’

More of this to come if property prices kept going down!

 

This class action needs to be taken on by the bank and defend it to the end.

Things are getting out of hand. So if someone borrows money to buy a home to have roof over their head and then lose their job, their ability of not being able to repay the loan is the banks fault?

Would they be better off if the bank didn't lend them the money in the first place? Because this is where things seem to be heading.

 

I cannot see that this has got anything to do with prices going down. In his case, he is recently divorced (which is bad for your finances), only earning $43K pa as a contractor (sounds low, very low) as he was only buying a $215K house. 12 months of no repayments later and he has to sell before the bank takes back the house and he thinks it is the bank's fault??? Gimme a break.

I suspect he became a desperate seller and /or the REA saw this too.

 

Many more entitled whingers are gonna creep out of the woodwork now. They think the RC is a validation for all their financial woes.

 

56 yrs old
165k mortgage
Repayment approx 180 per week.

He looses his job and its the banks fault!

Typical gen Y... or whatever gen he is

 

Im thinking of suing westpac since ive maxed my credit cards out on toys...

For the record, i dont even have a westpac card

 

#$@#$ if I got a mortgage and I am out of a job and banks come after me I am entitled to claimed combo ?

Head I win, tail I sue is the new moto

 

And another funny part in the article is $916 per fortnight payment is not enough for rent. It is more than enough to cover all my expenses including rent if I was still single.

 

Hmmm, the bank even suggested that he move back to NSW where work was available.

 

Ridiculous class action. He was a year behind before the bank thought about foreclosure, seems reasonable.

Still lost his job and house so I do have sympathy for the guy (just shouldn't have a right to sue anyone).

Giving loans which won't be repaid until well past 80 years of age is something worth looking at.

 

Gets better and better

 

C'mon now, he has a large dog to feed and take care of, where are your priorities!

 

My sympathy for anyone that goes through a hard patch, but this was pretty ridiculous reporting by the media. Of course we never have full details of all the facts, but looking at the presented information, it's called take ownership of your own decisions.

 

his fault, I cannot stand these deadbeat whingers.

But I remember how the developer I was working with in 2008 got in tons of trouble when Westpacquickly pull all the plugs on him during the GFC (Nov/Dec 08). Ruthless.

 

Well, at least he's achieved FIRE already.

 

Is it really a 2006 Hilux? Looks a bit shiny to me.

 

Pretty heartless. The bank should have forgiven his debt as they didn’t foresee him losing his job. Clearly the bank didn’t do thorough enough research before forcing him to buy a house.

Regards,

Jason

 

This article is clearly click bait, I think the media look for the most ridiculous examples with this kind of thing to generate lots of shares/comments. Look at us picking it apart.

These articles have a contstant theme:

Perception by person in a bad financial situation of who's fault it is: Bank, broker, financial planner, ex-wife, RBA, XYZ political party, insurance company, local council, ATO, centerlink, foreigners, corporations..... random other variables etc etc

Reality: 95% of the time the problem lies with the individual.

Now I am not saying every time something bad happens it is due to people's own mistakes. Lost of time circumstances outside of our control can make bad things happen. But that doesn't mean someone else is always to blame.

 

That's awesome! Hope other media outlets picks this up

 

The bank should have met it's higher social obligations and created work where he lived.

Haven't read the article. Probably just HS.