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

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Example Interest Rates: Home Loan Variable: 5.69% (5.89%*) • Home Loan Fixed: 5.39% (5.84%*) • Fixed: 5.39% (5.84%*) • Variable: 5.69% (5.89%*) • Investment IO: 5.69% (6.19%*) • Investment PI: 5.55% (6.02%*)

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4.7 – A cattle farmer who borrowed money from BankWest testifies at the Banking Royal Commission

Views 89 Likes 0 Dislikes 0 Published December 30, 2020, 7:29 am

Mel Ruddy, a 68-year-old grazier from near Charleville in western Queensland, gives evidence on how an offer by a manager from Bankwest (a subsidiary of Commonwealth Bank) to take out a bigger loan on his two cattle properties - rather than sell one of them as planned - had resulted in financial disaster.

Recorded on 28 June 2018 at the Brisbane Magistrates Court.

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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

4.7 – A cattle farmer who borrowed money from BankWest testifies at the Banking Royal Commission

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Martin Khoury

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