ADVOCATE HELPS HEDLAND REAL ESTATE AGENT WHO HAS LOST HIS LIVELIHOOD AT 71
Sydney Broker, Melissa Cuturich
“ALWAYS get a second opinion and do not just sign,” Sydney broker Melissa Cuturich warns.
‘Always get a copy of your documents, including your application because the Bank will blame you and hold you accountable’.
‘Always remember that your signature is what gives them the right to do whatever they need to do to protect their risk. Even if that involves protecting their reputation.”
With decades of experience dealing with largely unknown matters such as the case of Port Hedland Real estate Manager Peter Dunning, Ms Cuturich deals with what are known as legacy matters.
She adds that very little has changed despite previous royal commissions into Australia’s banking system.
She said banks cannot monitor tens of thousands of staff around the country and stay on top of their ability to identify suspect loans. This is exacerbated or made worse by a lack of proper monitoring and manual reporting to the relevant regulator.
‘There is a process that has not changed, and history keeps repeating,’ she told Ngaarda Media.
“ It can be detected, and yet instead of it improving with all the claims or updating security and protection for customers, these breaches are concealed with their rights within the documents we all sign, because we trust that everything was done correctly.”
“There have been customers who were provided loans when the Bank was aware the customer was controlled by their partner and they put the loan through, even after seeing that the documents showed something was not right. There are customers who were provided loans and later discovered that the Banker allowed unsigned documents to pass as being executed by the co-borrower. There are situations where loans were given before the application was submitted.”
“There are too many matters where loans were given to people who would not be able to repay the loan and now we will see more of this as the interest rate continues to rise.”
“The sad thing here is that our Banks were able to predict this when they were approving loans, and the Public is told to use the same processes to seek support, except it is a maze, and that one determination stops us from getting anyone else to hear us.”
Mr Cuturich said Mr Dunnings predicament could befall anyone; “The problem is one we can all face during times of trouble and hardship. We must rely on professionals to do the right thing but how do we protect ourselves when they do not? We go to the authorities, whom we are told will investigate, only to be told the Bank is within their rights.”