Caroline. Flanagan (Carolyn Flanagan) wants her to testify before the bank's royal commission of inquiry on Monday to help others.
"I hope this will never happen to another old man again, and I hope it will stop banks from doing this and lying to people," said the former WPBC client. "I don't care if I lost my house or not. As long as no one else loses the house as I do, and if my experience can save another person or two from suffering, I will be at ease. "
This week, the Royal Commission of Inquiry began reviewing bank loans to small businesses, and Ms Flanagan, 67, was listed as a key witness.
Carolyn's daughter and her partner applied to Westpac for a loan to buy the Poolwerx franchise in West Sydney and secured it with their mother.
"I already have 100% of the property right, they come to ask if I can guarantee the loan, I said, as long as you can pay off the money, the payment is paid, I have no problem. "" Carolyn said, ""So I signed the document, and they picked me up, and the bank that I was talking to was right, that's it."."
However, the daughter's franchise did not succeed, as a guarantor, Carolyn lost ownership of the house.
Carolyn said she thought the bank's loan was only $20, 000-not $ one hundred and sixty thousand.
"Don't trust them, or you'll lose your home," she said. "I'm blind. I've got cancer. I've been exploited."
Fairfax media learned that Caroline was not only the guarantor of the commercial loan, but also a partner in the Poolwerx franchise.
But she herself said: "I didn't know I was a partner at all. It was news to me." That's what the bank told me. I asked, 'when did this start?' "
Carolyn did not say she had been abused by her daughter, but said it had a devastating impact on her life.
"I've never been in debt in my life. I paid all the costs to pay off my mortgage, and I finally got the property right." "it took us only 15 years instead of 25 years to pay off the mortgage, and that's what happened," she said.
Carolyn reported the case to the Financial Services Ombudsman, but failed. Finally, West Pacific Bank granted her a lifetime housing lease.
"the bank said I could stay here until I died," Carolyn said. "but I wish I could win the lottery before that and leave it to my grandson."
Carloin said it was a great difficulty for her to testify in court. "I can't sleep at night.", she said.
She had to testify via video link in Sydney because doctors said she was too ill to fly to Melbourne.
Westpac spokesman Rodin (David Lording) declined to comment.
Alastair, head of Commercial Banking at Western Pacific Bank. Wales (Alastair Welsh) also attended a hearing Monday at the Royal Commission of Inquiry.