Inquiry told of heartless practices

A BANK pursued a family for loan repayments despite the mother suffering a cancer diagnosis while another “hunted’’ a Queensland family to secure a $ 3 million loan, then demanded $ 4 million back in two years.

The horror stories of agricultural finance were rolled out in the banking royal commission yesterday as emotional witnesses told of mental and physical breakdowns and lives ruined.

The ANZ Bank apologised to one Tasmanian couple who “lost everything’’, while Central Queensland grazier Wendy Brauer is still angry after the agricultural specialist Rabobank “hunted’’ her family to secure a $ 3 million loan, then demanded $ 4 million be paid back.

“I was mad, I am still mad, I am really mad,’’ Ms Brauer told the hearing in the Brisbane Magistrates Court.

The ANZ’s pursuit of another Queensland grazing family whose mother had been diagnosed with cancer raised some visible ire in the gallery.

Benjamin Steinberg, an ANZ executive, admitted the decision was not in keeping with community standards, and the bank would handle things differently today.

Senior counsel assisting Rowena Orr, QC, told the hearing the Hanley family of Queensland had informed the bank of the cancer diagnosis and sought a delay on mediation hearings on loans.

“Instead of seeking further information about Mrs Hanley’s illness ANZ declined to postpone the mediation?’’ Ms Orr asked Mr Steinberg.

“That’s right,’’ Mr Steinberg replied.

“When in fact she had been diagnosed with cancer?’’ Ms Orr asked.

“That’s what we found out, that’s right.

“If the situation arose today the matter would be treated differently,” he said.