Far Out Friday: $2m house up for grabs in crusade against bank

by AB18 Jul 2014
A man has offered his $2.6m home as first prize in a crusade against a major bank.

Dr. Peter Brandson of New South Wales has accused NAB of making a loan to a family member in 2004 that he alleges was based on income and asset information falsified by a bank employee, the ABC has reported. Bradson said the loan allowed the family to buy a luxury home, but that the burden of repaying it resulted in a family breakdown and divorce.

Bradson told the ABC that while he had no legal liability for the loan, he felt compelled to take on responsibility for the repayments.

"Later it appeared that the loan was given simply to have access to my assets and my income, and unfortunately that led to a whole series of traumatic events in our lives," he said.

He's now asked Australians to join a campaign he's launched against predatory lending by banks, and has offered his $2.6m luxury home as the prize in a lottery among people who join his crusade.

A NAB spokesperson told the ABC the bank was committed to responsible lending, but that it would not comment on individual customers' circumstances.


  • by SouthBrisBroker 18/07/2014 10:10:39 AM

    Should have used a broker...we are simply better.

  • by Regional Broker 18/07/2014 10:39:29 AM

    Oh Dear it just had to happen , question , will ASIC look at this if it was written after the NCCP came into force, if it did , Were the NAB fully comply? , Did the NAB have the doctor advised independently when he signed documents? , was their or their loan staff's conduct unconscionable. This is going to be very interesting I hope AB keep an overview of this case and what occurs .

  • by greg 18/07/2014 11:11:08 AM

    I guess Cameron Clyne will have to settle it before he goes in 2 weeks!!