rebel you mean taking bad advice from their banks investment...

  1. 17,482 Posts.
    lightbulb Created with Sketch. 1
    rebel

    you mean taking bad advice from their banks investment people. Like councils are liable for their advice to landholders and can be held accountable because they have the expertise and if they advise people they are accountable.
    Banks are no different, if they advise people wrongly for their own profit or gain then they are responsible. They charge for this advice, it is not free. I went to my bank about 6 months ago, I have been with this bank for 20 years and I asked for some investment advice for money that is sitting in an interest account. Twenty years, several property loans, car loans etc etc and they wanted to charge me $1200 and wanted to know if I would be interested in a reverse mortgage loan on a property.
    I was completely shocked by their attitude wanting me to take out a reverse mortgage loan.

    Im glad this industry is being bought under control and imo needs a lot more control and regulation to protect the people.
    Banks that Ive been involved with have also been caught in deals with builders in investment properties. The bank values the property and gives the loan, needless to say some of these investments have been appalling and devistating to the people.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.