As an advocate for financial transparency, I have dedicated myself to uncovering the truth within the banking industry. In my 50+ years in the finance and agricultural industries, there is an all too present distressing reality: loan contracts from well-known Australian banks can intentionally hide crucial details. These deceptive loan contracts conveniently omit vital information which can see people lose their property.

We have seen deceptive loan contracts by well-known banks deliberately concealing critical details like the repayment amount and the bank's intention to sell the farm as a condition of the loan. This revelation sheds light on the unethical practices rampant within the industry, where financial institutions exploit the vulnerability of borrowers, capitalising on their limited knowledge and desperate need for financial assistance.

It is disheartening to witness the erosion of trust and the devastating consequences faced by hardworking individuals who unknowingly become victims of these predatory tactics. The loss of farms not only affects individuals but also tears at the fabric of communities, undermining faith in the banking industry and compromising economic stability.

As an advocate, I implore borrowers to arm themselves with knowledge and vigilance. Scrutinising loan contracts becomes an act of self-defence against these unscrupulous practices. At GBAC, we help empower individuals, ensuring they have the tools to navigate these murky waters and protect themselves from deceptive loan contracts and exploitation.

Transparency, accountability, and ethical lending practices must be the foundation of the banking industry. We cannot stand idly by as hardworking individuals and their dreams are jeopardised. It is through collective action that we can usher in a fairer, more trustworthy financial landscape.

If you suspect that your loan contract may be unfair or if you have encountered any questionable practices, I urge you to reach out to me at GBAC. Our team is committed to providing support and guidance to individual businesses and farms facing unjust and deceptive loan contracts.

Contact GBAC today if you suspect your loan contract is unfair.

Article by Greg Bloomfield Ret, FCA, CPA, ACIS, FICD. Retired sheep and cattle breeder. Succession planner.