Tag: Non -Islamic Banking

Nurse’s $3 million in loans raises questions about banks’ lending practices – ABC News (Australian Broadcasting Corporation)

Perth nurse Linda Schmidt sitting at her desk in front of a mound of paperwork

At 71, Linda Schmidt should be enjoying retirement.

But for the past two years the Perth nurse has been crippled by debt, and fighting the banks.

“I just survive from day to day, black dog trotting around behind me,” she told 7.30.

She owes more than $3 million to half a dozen lenders.

The loans cover her own home and, not one but 11, investment properties.

Her superannuation has plummeted from more than $500,000 in 2012 to just $540.

Now she is faced with the prospect of losing her home.

Growing mortgage stress has led to consumer advocates calling for the banking royal commission, which meets for public hearings in Melbourne tomorrow, to examine irresponsible mortgage lending and the way banks assess whether loans are affordable.
‘I feel like a punchbag’: Schmidt

via Nurse’s $3 million in loans raises questions about banks’ lending practices – ABC News (Australian Broadcasting Corporation)