Banks under fire from borrowers

Making headlines today, the lending practices of Australia's banks have come under review as 300,000 mortgage holders prepare to launch a class action.

According to an article in The Age, mortgage holders will allege that the lending practices of Australia's banks have put families under severe financial stress or at risk of losing their homes.

Retired British insurance broker Roger Brown, who is orchestrating the case, has set up a website takingonbanks.com and is currently seeking claimants.

According to Mr Brown, many Australians are currently experiencing financial hardship through no fault of their own because they should have not been given the loan in the first place.

If the case proves successful, it will be the first time banks have been prosecuted under the new provisions of the National Consumer Credit Protection Act.

Written by Staff Reporter

Last Updated: 09 March 2022

Published: 16 January 2012