- Hayne 'has hit nail on the head', says Ros, who lost her farm
- By John Collett & Peter Bateman
- 28/09/2018 Make a Comment
- Contributed by: Sime ( 14 articles in 2018 )
Ros Waller missed a couple of payments due to prolonged drought and lost her farm.
Ros Waller, a 73-year-old pensioner, who lost her farm after missing a few payments, says royal commissioner Kenneth Hayne "has hit the nail right on the head".
"The old tradition was that the banks were your friend, but not anymore. Now it's all about greed and the basic standards of honesty have gone awry," she says.
Hayne, in his interim report on the banking royal commission handed down on Friday, has highlighted the shortcomings of the regulators, "who have not done anything", says Waller, who spent 34 years as a school teacher and farmer, raising sheep and cattle as well as breeding horses.
She sold her big farm and bought a smaller one in 2002 just as the drought hit, and borrowed money from a specialist farm lender, to keep her farm.
Waller says she was a victim of predatory lending and the Australian Securities and Investments Commission should have done more to stop it, as it is against the law, but it didn't.
Waller got behind on a couple of payments due to the prolonged drought and went to mediation and was given another $200,000 to repay the outstanding loan from the specialist lender.
However, the lender took her to court over the property and after a protracted legal battle it won and she lost her farm in 2013.
Play VideoCommissioner presses NAB on transparencyPlay Video
01:03
Commissioner presses NAB on transparency
Playing in 2 ...Don't Play
NAB's Andrew Hagger is pressed by Commissioner Kenneth Hayne QC on whether NAB was open and transparent about telling ASIC the full extent of likely compensation
She has been living in a rental property and on the age pension since.
In a twist, Hayne presided over her High Court case.
"The royal commission is exposing what they [lenders] have been doing," she says. "And to take people's life savings - that is just absolutely dreadful," Waller says.
"The old tradition was that the banks were your friend, but not anymore. Now it's all about greed and the basic standards of honesty have gone awry," she says.
"The old tradition was that the banks were your friend, but not anymore. Now it's all about greed and the basic standards of honesty have gone awry," she says.
Hayne, in his interim report on the banking royal commission handed down on Friday, has highlighted the shortcomings of the regulators, "who have not done anything", says Waller, who spent 34 years as a school teacher and farmer, raising sheep and cattle as well as breeding horses.
She sold her big farm and bought a smaller one in 2002 just as the drought hit, and borrowed money from a specialist farm lender, to keep her farm.
Waller says she was a victim of predatory lending and the Australian Securities and Investments Commission should have done more to stop it, as it is against the law, but it didn't.
Waller got behind on a couple of payments due to the prolonged drought and went to mediation and was given another $200,000 to repay the outstanding loan from the specialist lender.
However, the lender took her to court over the property and after a protracted legal battle it won and she lost her farm in 2013.
Play VideoCommissioner presses NAB on transparencyPlay Video
01:03
Commissioner presses NAB on transparency
Playing in 2 ...Don't Play
NAB's Andrew Hagger is pressed by Commissioner Kenneth Hayne QC on whether NAB was open and transparent about telling ASIC the full extent of likely compensation
She has been living in a rental property and on the age pension since.
In a twist, Hayne presided over her High Court case.
"The royal commission is exposing what they [lenders] have been doing," she says. "And to take people's life savings - that is just absolutely dreadful," Waller says.
"The old tradition was that the banks were your friend, but not anymore. Now it's all about greed and the basic standards of honesty have gone awry," she says.
Source: https://www.smh.com.au/business/banking-and-finance/hayne-has-hit-nail-on-the-head-says-ros-who-lost-her-farm-20180927-p506fi.html?ignorePublicState=true&pcrypt=aGZyZT1wcW5sQHNudmVzbmt6cnF2bi5wYno
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