NAB lending

Are you struggling to repay or have you defaulted on a NAB home loan? You may have a claim for compensation if against the lender if it failed to recognise that your loan was unsuitable for you at the time you took out the loan.

In November 2017 NAB sacked or disciplined over 50 of its banking staff for breaching its home loan lending policies.  NAB lending admitted that as a result of these breaches, thousands of mortgages it issued to customers may be based on inaccurate information.

This followed a report from investment bank UBS in September 2017 which found that Australian banks have issued about $500 billion of mortgage debt based on inaccurate or unreliable information about the borrower’s ability to make repayments. That equates to close to one-third of home loans.

NAB’s misconduct follows a string of scandals in Australia's banks over recent years, and a recent debate about how thoroughly banks verify the information provided by customers.

NAB loans could be in breach contraventions of the responsible lending provisions of National Consumer Credit Protection Act 2009 (Cth) (the National Credit Act).

The National Credit Act provides consumer protections to ensure that credit providers make reasonable inquiries about a borrower's financial situation and assess whether a loan contract will be unsuitable for the borrowers.

NAB says it wrote to affected customers, requesting they participate in a review of their loan. It told the corporate regulator ASIC about the problems in late 2015.

If you are struggling to repay or if you have defaulted on a NAB home loan or were offered a loan review by NAB, you may have a claim and you should get advice about your rights. 

Why Maurice Blackburn?

Maurice Blackburn's financial advice disputes lawyers are experts in the field. We fight for fair, and we can help you to get the settlement you deserve.

We offer 'no win, no fee'* arrangements for these types of cases, which means that you don’t have to pay for our legal services if we don't win.

We have offices in Melbourne, Sydney, Brisbane, Perth, Adelaide, Darwin and throughout Australia. Contact us today to find out how we can help.

Kim Shaw

Executive Director, National Head of Personal Legal Services, Melbourne

'I am passionate about helping people know their rights and ensure they receive their lawful entitlements at a time of significant disruption and anxiety in their lives.'

No win, no fee*

Our financial services disputes lawyers are experienced in winning fair compensation for our clients on a 'no win, no fee'* basis.

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