NAB seeking right to evict tenants without notice

[Tobily]

black_rose - another thing that concerns me about this, is that if this action is successful it will set a precedent. And you can be pretty sure ALL four of the big banks will take full advantage of that.

If they get away with this, it will very quickly spread across all the major lenders.

And once that happens, voting with your feet won't even be an option

[Rowellen]

It doesn't make any sense. If the NAB sold the property (assuming they have the right too), it would have to settle anyway & I've never heard of a settlement contract on a property taking less than 30 days. Usually it's more especially with the banks being so slow to approve finance. So why would tenants have to move out prior to settlement? What if the new owner wants to keep the tenants? It's completely illogical. Wouldn't they be better off appropriating the rent payments in the interim?

Am I missing something?

I'm glad I don't bank with the NAB either.

[Phteven]

And once that happens, voting with your feet won't even be an option

Yes it will. there are alternative finance systems available.
I know of one group who co-ops. Everyone who is part of the group puts in a figure each month and every month a different (rotating) member of the co-op receives the funds. This works great for small things such as car finance because it is interest free and profit free.
There are Islamic finance options with lend-lease schemes and rent to own schemes where your rent is paying your mortgage.
Barter groups etc.
If enough people voted with their feet the banks would be forced to make changes but I think that one of the issues that we need to overcome is people's sense of powerlessness and the idea that your 'vote' doesn't count.

As for the main topic - ****ing disgraceful and if my bank did follow suite I would not hesitate to remove my personal and business banking from them.