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11 September 2015
The class action run by lawfirm Maurice Blackburn v ANZ

15 November 2010
And still the banks persist in illegal “con”tracts. Please see the extract from Bankwest’s conditions of use booklet

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Banks Are Thieves
John Curtis, NSW


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As stated elsewhere on this site, for contracts to be valid and therefore enforceable in a court of law, a contract must demonstrate that it complies with the following rules. This applies to every kind of loan contract, be it a mortgage, personal loan, business loan, credit card, overdraft, indeed ANY BORROWING of ANY TYPE from a bank or other lender.

There must be:

Capacity to contract

Intention to contract

Consensus ad idem (agreement as to the same thing)

Valuable consideration

Legality of purpose

Sufficient certainty of terms

It is this last, sufficient certainty of terms, with which few bank “contracts” comply, thus rendering all that do not comply invalid.

If, for instance, in the loan application which you sign, there is a clause stating that the bank may at any time vary the interest rate, or fees and charges, then there is obviously NOT sufficient certainty of terms.

Think about the reverse situation for a moment. Can you pop into the local branch of your bank and tell the bank manager “I am awfully sorry, but I really don’t like paying 7.25% interest on my mortgage, and I am going to reduce that to 3.5% as from next month, oh, and by the way, if you take the monthly payment out a day early as you did last month, then I will charge the bank $400.00 for each and every occasion on which it recurs? No, of course you cannot. Neither, though, can the bank LEGALLY do so.

Only 2 countries in the developed world have interest rates which the governments permit, unlawfully, to be varied at the whim of the lending institution – Germany and Australia. Every other country renders this an unlawful practice, permitting variation of the interest rate only when its Reserve Bank’s cash rate varies, and by exactly the same %, UP OR DOWN.

So, there you have it. Read your contract’s fine print. If it is invalid, as most are, are you going to be one of the many who thinks “Oh, it’s too hard, I am not going to have a chance of getting a bank to refund or reduce charges, fees or interest” then you effectively collude with your bank’s theft – you are actually acting as an accessory when your bank robs you. If however you have enough backbone to do something about it, then get in touch and I will be only too happy to send you a list of options you have to redress the situation, on your own, or with help from