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We help financial rort victims get their cash back
Banks that loaned d money to people who were fleeced by a dodgy building scamam have refunded the e money after the Sunday Tele exposed osed their ordeal
FOR the Kosmeier family of Port Macquarie, it’s nothing short of heaven sent.
After almost two years battling for compensation over home-building work that was never done, going down every avenue of appeal possible, they had effectively given up.
So when they received a letter from ANZ saying it would pay them $98,000 and soon after the Queensland Building and Construc- tion Commission’s insurance division said it would pay $46,000, they could barely believe it.
“We consider this to be an absolute miracle,” Mr Kosmeier said.
The family is among the many victims of the Members Alliance financial group who are finally being repaid or allowed to walk away from their financial nightmare by banks that failed them by doling out cash for home-building work that hadn’t been done.
State-run insurance schemes are also taking a more lenient approach to claims by those mired in the disaster. The reversals of misfortune for some Members Alliance clients followed an exposé by The Sunday Telegraph last year revealing the group charged for bogus building work by re-using old paperwork to get extra payments from banks. Houses were left unfinished for years, decimating scores of owners’ finances.
The Kosmeiers among them.
They had to find an extra $95,000 — and a new builder — to get their investment property in Bowen, Queensland, completed. They also lost tens of thou-
were sands of dollars more on loan interest and other costs.
Another MA client left with an unfinished property, who was assisted by The Sunday Telegraph, has received more than $150,000 from ANZ and $40,000 from the NSW government’s Home Building Compensation Fund.
National Australia Bank has let the Montebello family of Perth walk away from their decrepit investment property in Parkes, NSW, which featured in our initial MA report. This saved the family at least $80,000.
“It is a relief to be free of it,” Mr Montebello said.
The Sunday Telegraph stories had urged banks, particularly ANZ and the QBCC, to do more to help those affected.
It’s understood police and other authorities have recently expanded their investigations into the rort to examine links to unions and $29 million of unpaid tax.
Nicholas, David, Marsha, and Jonathan Kosmeier at Town Beach in Port Macquarie. Picture: Lindsay Moller ... We consider this to be an absolute miracle. However, I do believe that it is largely due to the fact that you put pressure on these guys...