Thanks to us!

We help fi­nan­cial rort vic­tims get their cash back

The Sunday Telegraph (Sydney) - - NEWS - COST-OF-LIV­ING ED­I­TOR

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...

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.