NAB – mis-sold loans

The NAB has announced today that it has sacked or disciplined 52 staff who have been involved in the mis-selling of loans – what this means is that loans have been approved that should not have been approved under the NAB’s lending guidelines.

I have seen numerous examples where vulnerable people (usually with the connivance of a dishonest mortgage broker or other adviser such an accountant) have been able to take out loans that can’t afford so as to make make bad property investments.  Clients who have been treated in this way have extensive rights to obtain compensation which they should use.

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