Thousands of Australian homeowners have been left in a financial bind after being sold interest-only mortgages from brokers determined to earn their commissions.
Owners have been left confused and frustrated and suffering serious financial hardship thanks to dodgy mortgage brokers and financial advisors who have sold clients mortgages they can’t afford to repay in full at the end of their interest-only loan period.
Does this sound like you?
Compensation lawyers have been having great success lodging claims on behalf of victims of mortgage mis-selling, with the potential to be awarded tens of thousands of dollars in compensation if this has happened to you!
How do you know if you’ve been the victim of mortgage misselling?
The most common mortgage mis-selling occurs when you’re sold an interest-only mortgage for a fixed term, often 5 years. At the end of the 5 years, your repayments revert to interest and principal repayments which are significantly higher and may be harder or impossible for you to repay.
To bring the repayments down again some brokers and bankers will refinance the loan to another interest-only loan product from a new financial institution.
For many people, an interest-only loan sounds appealing because your repayments are significantly lower than an interest-and-capital loan.
The problem is during this period you don’t pay anything off the actual amount borrowed. This means you don’t pay anything off of your actual mortgage and fail to gain any capital back.
Does this sound familiar? If so you could claim compensation with the help of Marocchi Law.
Mortgage brokers and financial institutions are legally required to ensure you have a viable repayment strategy in place, and that you are only sold a product that is suited to your financial situation.
You might have been mis-sold an interest-only mortgage if:
- You could/can not afford to pay back the capital at the end of your mortgage term
- Your broker didn’t properly explain or disclose additional fees and commission structure
- You weren’t given all the facts pertaining to your mortgage
- You felt you were deliberately misled about the mortgage, your repayments or the terms and conditions
You may also have been mis-sold on your mortgage if you’ve had your financial products ‘bundled’ and sold back to you.
This might look like:
- Having extra credit insurance products added to your mortgage
- Undisclosed commission structures
- Being sold a mortgage term length that extends beyond retirement age
- Failure to disclose penalties or fees for switching mortgages
If you think you might have been mis-sold a mortgage, compensation specialists at Marocchi Law can help assess your claim and win you back thousands of dollars.
In October 2019 the Australian Federal Government directed the ACCC to launch an immediate investigation into mortgage pricing transparency. Since then thousands of Australian mortgage holders have launched successful mortgage misselling claims against brokers, financial advisors and the big banks.
Don’t wait any longer to find out if you’re eligible to make a mortgage misselling claim
Our team of lawyers are experts in compensation law and have been working with homeowners like you who have been plunged into financial distress.
Our lawyers can assess your mortgage and financial agreements so you don’t need to worry about the confusing legal jargon. If you have a case, we’ll do all the hard work to make sure you get the compensation you deserve.
Contact us now to get started.