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Example Interest Rates: Home Loan Variable: 5.24% (5.24%*) • Home Loan Fixed: 5.24% (5.75%*) • Fixed: 5.24% (5.75%*) • Variable: 5.24% (5.24%*) • Investment IO: 5.64% (5.99%*) • Investment PI: 5.44% (5.95%*)

3.20 – A former pub owner who borrowed money from BankWest testifies at the Banking Royal Commission

Views 94 Likes 0 Dislikes 0 Published December 30, 2020, 12:15 am

Stephen Weller, former owner of the Nambucca Hotel in Macksville NSW, gives evidence on how BankWest (owned by Commonwealth Bank of Australia) forced him to sell his pub, after changing the loan term from 15 to just two years, increasing the interest rates charged and increasing the amount of principal repayments.

Recorded on 28 May 2018 at the Owen Dixon Commonwealth Law Courts Building in Melbourne.

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