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OK, back to my original to Andrew. I would get copies of all the relevant documents, read and understand them as best he can, formulate any questions he has, Then see a lawyer, he may have some protections under NCCP law or a lawyer may uncover fraud that Andrew isn't aware of. I don't see...

@ wylie "Seriously, I've NEVER had a banker, a broker or anybody advise, question, recommend or care less about what I'm buying." Why would you deal with that sort of person/organization? Why is your broker paid a commission? Is that indicative of a poor culture?

@ Of The Vultures I'm not blaming anyone for anything, I'm suggesting that he get legal advice to see if he has been a victim of fraud or even a lack of duty of care to see what recourse he may have to other parties to the transaction, I would suggest that he perhaps should/may not have...

@ D.T. We agree!

D.T. ALL parties should take responsibility for their actions! including credit providers, taking trailing commissions may be an indicator of that.

@ of the vultures "Northerner, two words: personal responsibility. Why are you so quick to assume there's been fraud?" This guy seems to have a lot of debt with very little equity, even the Sydney house he quotes doesn't seem to be solely his, what I an suggesting is that he should get legal...

@ ALBANGA "A mortgage brokers role is to understand a clients needs and ensure they can comfortably make the required payments at an assessment rate under NCCP laws. They should never put a person into a loan they cannot afford but since when were they a BA as well?" This basically means to...

@ NPD I Too agree; "Take responsibility for your own actions, as ultimately it's your decision you make when you sign the dotted line." That goes for all Parties; The Applicant, The Broker, and the Finance Institution, and when any party has been negligent of fraudulent then they should pay the...

@ MRO If the broker has complied with all his obligation listed here; https://www.fbaa.com.au/code_of_conduct/responsibilities as well as "Comply with the provisions of the Trade Practices Act 1974, Corporations Act 2001, Australian Securities and Investments Commission Act 2001 and all state...

@ jrc yep i would agree with most of that but the bank's valuation of the properties may be a good starting point for negotiating a writedown of the outstanding principle on the loans, the bank[s] may be receptive to this as the alternative may be to accept nothing at all. The banks should...

@ d.t. What advice is poor? Getting advice from a legal professional, or that his Qld. properties may not have bottomed yet?

legal advice Stomper has the right idea here, get copies of all your mortgage docs. from banks, mortgage brokers RE agents etc. including e-mails etc., what your looking for is for written evidence like "property prices double every 7 to 10 years" "property prices never go down" "risk free"...