Westpac cleaned me out

That car, trailer and all the equipment probably has an insurance value of over $100k.

 

I don't understand. I feel bad for the guy's situation, but seems pretty straightforward that his woes have nothing to do with the bank. Can't see what sort of legal case he could possibly have.

 

Hope he didn't borrow for those ...

 

I'd say he certainly did and that is part of the woes.

 

oh well.

can investors who loss money when they bought at the peak of Sydney/Melbourne sue some banks as well?

 

Ive read a couple of different stories in the media telling the stories of some of those taking part in the class action. I've yet to read a single one where it actually seems to be the banks fault, or where the person couldn't have taken simple steps themselves to mitigate their losses before they reached crisis point.

 

Yeh, the banks done the ungrateful slacker a favour, his repayments were cheaper than renting. He is just a lazy whinger. He's got a ute he has got a trailer all he needs is a chainsaw and 1/2 an hour of energy a week, to cut some annoying trees of farmers fence lines and paddocks, probably get paid $50 and sell the wood for $200, or sweep the floor in a shearing shed or run a chaser bin for a few days a year. Or may be he couldn't because the locals would know, like many like him, he is too lazy and entitle to work.

 

He has 12 months to find a job. Even a casual job with minimum wage would be enough for the mortgage repayment and basic expense.

 

I'm surprised @bob shovel & other 4WD enthusiasts haven't provided the model & critique of the rig.

 

KFC cleaned me out last night.

 

His main grief is losing his equity as a result of selling at loss. I am pretty sure he would have had no complaints whatsoever against the bank if he had sold the property at a decent profit.

The more people lose their equity, the more they would blame the banks for lending them in the first place - ofcourse makes no sense but it’s easier to blame others than taking responsibility for own reckless behavior.

This is what happened in the US during GFC to some extent, everything got blamed on the direct lenders rather than subprime lenders.

While Australian crash is arguably a making of Royal commission, it’s the banks who will get blamed.

Now wait when banks will start reducing divideds and I am we will see quite a reaction!

 

im sure he is suing the other bank that gave him the car loan or credit card as well,
since its the banks fault that second hand vehicles go down in value

 

im off to court now, going to file a case against the casino , for the money I lost on RED

 

Wait, wait - why don't tcasinos, TABs, & lotteries have to provide an SOA?

 

Read the article. I guess the question should be: Why in the ripe old age of 56, you accepted a loan of 30 years? Wouldn't you know better how long you are going to live and work than the Bank? I am sure if the property price keeps rising and the value of the house double or triple, this would be an investor success story in the adjacent forum. I can <almost> understand if this blame culture is from a teenager of this day and age, but come on! For someone who had work all his life?

 

Maybe the RC should have introduced a profit and loss sharing condition on all loans to solve injustices like this

 

Probably Mom bought him that!

 

I think following should be added to royal commission guidelines version 2.

“Lending institution will need to ascertain that property they are lending against will be profitable for the borrower even if sold within 3 years. Banks will need to reinvest commission savings from broker channels to pay psychics upfront and trailing commissions to ensure no investment falls in value.”

 

Entitled idiots are making it harder for the rest of us.

 

It’s not his fault, everyone should be limited to $200,000 mortage backed by the government and returned at the cash rate, wage capped at $75,000pa and provided full time employment. Now where the hell did i put that hammer and sickle.

 

Thank goodness Australia has more sense than the US and we are full recourse. Yeah ppl can put their keys in the letter box and walk away. But not before all their other assets are claimed .