St George Bank Home Loans team market a loan called Relocation Home Loan to retirees to help them finance retirement villa's. They mislead retirees by stating that it is not a bridge loan when it is clearly finance secured against their existing home for the purchase of a new home. They complete no income checks on these retirees as they have no income. Under the terms of the loan the retiree must sell their house for more than 80% of the market valuation and this must occur within 6 months.
St George advertise the product in a misleading & deceptive way by stating its not a bridge when it is a short term 6 month bridge loan.
The fact that St George do not require any evidence from retirees that the loan can be serviced (ie interest payments met after the 6 month period) seems to be in breach of the Consumer Credit Act.
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