Search results

Can you cite an example where the clause was used in that way against a borrower or are you just posting your assumptions as fact?

This is what you said in the very first post of this thread: [EDIT] Snap. Now you could try and argue (pettily) that the booklet in itself is not a contract (by itself), but if a borrower has signed a contract subject to the terms and conditions in the booklet then it both forms part of the...

As I said pathetic. You've been proven wrong on the NCCP. You've been proven wrong and shown there are T&Cs which contain the clause. You've been proven wrong by the Treasury no less after having made the bold statement that "Banks can't 'margin call', or repossess, or force the sale of a...

You are just twisting the argument because it hasn't gone your way. It was never about whether general house price falls could be used to margin call on a specific property. If that was the case then you should have argued from the outset that the CBA T&C specifically points to the...

NCCP Act 2009 Which accepts that an acceleration clause is possible provided the borrower is in default under conditions of the contract. ASIC documents Was an information sheet (unlike the actual terms and conditions provided from two lenders). Email from Treasury Which confirmed there...

I would suggest the vast majority of investment property loans are infact interest only or lines of credit. Also there is no way that all your nit picking in the thread on AFP is attempt to get to the truth, it was an attempt to prove yourself right until you realised you were wrong at which...

So your original statement on APF was not correct on all accounts then: As it infact can apply to loans such as a line of credit or interest only. At least that is how I read it.

As far as I'm aware (perhaps Aaron or someone else can correct me if I'm wrong) even if the original contract and T&C booklet don't contain information pertaining to default in this manner (by not maintaining an appropriate LVR) I believe a bank can add additional clauses to their T&C provided...

Did either of them refer to secondary information which also governs the loan? e.g. My old mortgage contract (5 years ago) doesn't have a clause like the ING or CBA T&C booklets, but does have a section I had to sign which said I have read and agreed with the terms and conditions booklet...

Granted these are commercial loans, however wouldn't be surprised to see banks act in the same manner for high risk residential borrowers in some situations: http://m.dailytelegraph.com.au/news/banks-dastardly-act/story-e6freuy9-1226268653429

So by not answering the question you are validating the fact you are introducing irrelevant links which don't support your case. Thanks for the clarification. I'm glad most here can see through your spin.

:rolleyes: Because it's the easiest way to explain what default means and a common form of default that will be in every mortgage contract. Why do all those 3 sources leave off every other form of default? To use one of your examples, why isn't purposeful damage/knocking down the house...

Will answer once you've addressed this which I asked on the last page. Equally as simple: If the NCCP doesn't allow lenders to 'call in' loans (where they have defaulted in a way other than missing payments) then this should be easy to find and quote.

Because they can't list every single clause from every single lender, it's just not practical. As Terryw says, it's a summary, not to the exclusion of all else.

TF, When I pointed that out to Shadow he claimed it was simply an "information booklet" :rolleyes:

Can you link and quote to where it says that in the NCCP rather than the secondary site that you used?

If you read the ridiculous 13 page thread on APF where Shadow argues black and blue in circles, changing his angle every few posts you might think differently.

You seem to be very good at morphing your story as things progress e.g. the word "regulated" doesn't appear in the original statement you made on APF (or in your original post on this thread). You always move the goal posts which is why arguing with you is a waste of time.

As I've already pointed out, the NCCP section that you quoted doesn't conflict with the CBA clause I already found (not that you'd admit it, go back and read it again and then read my response relating to how you mixed up the terminology). The ASIC document is an information sheet and hardly...

Sorry Shadow but going to have to side with the experienced brokers who have said otherwise in this thread than agree with a random who has a few IPs.