Australia is feared to be undergoing a rural financial crisis as banks including the big four foreclose hundreds of properties, forcing drought-stricken farmers off the land.
ANZ appeared to be leading the foreclosure efforts until a court decision halted foreclosures for 12 months.
In fact, rural lender Landmark has sold its loan book to ANZ after holding the long-term mortgages of hundreds of Australian farmers and left borrowers like Rodney Culleton with no other choice.
"We didn't want to go with ANZ. We wanted to exit. So we didn't make an application," Culleton told ABC
"They did come with an offer and basically said 'sign this or we'll default you' … We didn't sign it and so what they did is default us. And that makes it very hard to go forward, especially coming out of a drought and a GFC and because ... not everyone wants to take on a farmer."
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