RBA Cash Rate: 4.35% · 1AUD = 0.67 USD · Inflation: 4.1%

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Example Interest Rates: Home Loan Variable: 5.38% (6.14%*) • Home Loan Fixed: 5.44% (6.26%*) • Fixed: 5.44% (6.26%*) • Variable: 5.38% (6.14%*) • Investment IO: 5.69% (6.52%*) • Investment PI: 5.49% (5.98%*)

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3.13 – A Bank of Melbourne business customer testifies at the Banking Royal Commission

Views 38 Likes 0 Dislikes 0 Published December 30, 2020, 1:13 am

Bradley Wallis, a former policeman and Westfield executive who took out a loan from Bank of Melbourne (a subsidiary of Westpac Banking Corporation) to buy a bed and breakfast business, gives evidence on how the bank used A$100,000 of his own money held in a term-deposit he was not able to withdraw from as a ""bargaining chip'' to get him to restructure the loan in the way Bank of Melbourne wanted.

Recorded on 24 May 2018 at the Owen Dixon Commonwealth Law Courts Building in Melbourne.

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Martin is the Managing Director of BeliefMedia Pty Limited, and Australia's leading Finance Marketing Specialist. He is supported by a team of Australia's finest. Read more about Marty here.

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The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest payments. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Important Information: Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change. Offer does not apply to internal refinances and is not transferable between loans. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice. [ Example Credit Guide Link ]

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Video Archive

3.13 – A Bank of Melbourne business customer testifies at the Banking Royal Commission

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Martin Khoury

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