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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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2. And still the banks persist in illegal “con”tracts.

Please see the extract from Bankwest’s conditions of use booklet:



Credit Card

Conditions of Use and Privacy

Statement and Consent to Use

Your Information

15 November 2010

7. Changes to your Card Contract

Subject to the Credit Card Account Access Conditions of

Use, we may change your Card Contract at any time without your consent, (In contract law, they may not) including:


• changing an annual percentage rate;

• changing the amount, frequency, time for payment or method of calculating any minimum payments;

• changing the amount of, or frequency or time for, payment of any fee or charge;

• imposing a new fee or charge;

reducing (but not increasing) the credit limit; and

• changing the method of calculating or debiting interest.

And did you know that Australia and Germany are the only two countries in the western world that permit variable interest rate “contracts”?


"Go on, charge what you like" - the Aussie mortgage contract

Professor Kevin Davis, research director of the Australian Centre for Financial Studies "Australian home-buyers sign a contract which gives the bank the right to change the interest rate whenever and to whatever it wants,"

Professor Davis has produced an American-sourced list of twelve leading economies in which only two - Australia and Germany - have variable rate mortgages predominantly completely variable at the bank's discretion.

The others have so-called "indexed" variable rate mortgages in which the contract stipulates the number of points above an indicator rate the bank will charge.

"In Australia you would legislate that loan contracts could not contain a clause giving the lender the discretion to change the rate," he said.

Such a law would have prevented the Commonwealth Bank imposing the outsized rate increase it announced on Melbourne Cup day.

"Suppose one of our banks got downgraded from a AA to B. What would happen at the moment is they would just increase the margin on their mortgage rates to cover the extra costs they would face, whereas that risk should fall on the mangement and the shareholders."

Variable at the bank's discretion?

Variable mortgages worldwide

United States NO
            Spain NO
Japan NO
                       Holland NO
Korea NO
                        United Kingdom SOMETIMES
Canada NO
                     Gemany YES
France NO
                      Australia YES

Research Institute for Housing America 2010