Melbourne couple thinks that their Westpac mortgage that they have been paying off for 10 years is based on fraud
Older, illiterate couples claim to have been duped by an unreliable “loan introducer” who filed a fake mortgage application on their behalf – leaving them with $ 280,000 in debt and unable to pay
- The mortgage of the Melbourne couple Miriam and Michael Wright was based on fraud
- They were approved for a $ 280,000 loan in 2009 and are now worth $ 800,000
- They are afraid that Westpac will take their house with them after they have told them that they owe money
- Joseph Crane from Shine Lawyers said the documents were “clearly forged.”
- Westpac investigates but has not excluded action if they find ‘misconduct’
An older couple is afraid that they may lose their 30-year-old house after being told that they must immediately pay $ 280,000 to Westpac.
The Melbourne couple Miriam (70) and Michael Wright (72), both illiterate, claim that a loan application at Westpac in 2009 was completed on their behalf by a “loan provider” and not by them.
They said the mortgage application for their home – now worth $ 800,000 – for $ 280,000 was a fraud, and claimed that Westpac had not properly checked the application, news.com.au reported.
Miriam, 70, and Michael Wright, 72, were shocked when they discovered that their mortgage that they paid off over the last 10 years was based on a complete “fraud” (stock)
Miriam’s name was spelled incorrectly in the application and the couple claimed that the reason in the loan document was also incorrect.
The application also claimed that Mr. Wright earned $ 92,000 a year as an investment relationship manager, whereas in reality he had been retired since 1995 and previously worked as a laborer.
The mortgage application stated that the money would be used for home renovation, while the couple actually wanted it to start a restaurant business, which proved unsuccessful.
The couple continued to make payments to the loan despite the company’s failure – convinced that after 10 years, their payments of $ 1,400 per month would be sufficient to settle the mortgage.
However, they had actually signed an interest-free loan and were shocked when they recently discovered that they would have to repay the full amount by October 2019. They have paid almost $ 170,000 in interest to Westpac since the mortgage application was approved.
Joseph Mifsud, the cousin of the couple, said Westpac should never have given them the money.
‘My aunt and uncle cannot read or write and they were too embarrassed at that stage [when they found out the conditions of the mortgage],’ he said.
The Melbourne couple, both illiterate, claim that the claim was submitted by a third party and Westpac did not double-check the information (stock)
Westpac told Shine Lawyers, who represent the Wrights, that the approval of the application at the time was in accordance with their policy.
Mr. and Mrs. Wright said they cannot remember who completed the loan application for them.
Joseph Crane, lawyer at Shine Lawyers, said the application was “clearly forged.”
“The broker gets a commission, the banks get the benefit of the interest on the loan, the person who gets a rough deal is the consumer,” he said.
Westpac said they are planning to review the loan.
Daily Mail Australia has contacted Westpac for comments.