Russell Island land owner strips off to protest ANZ loan misconduct

A Brisbane man’s 12-year war on a big four bank has taken an extreme turn in the form of a naked protest on one of the city’s busiest roads, but he claims to be a victim.

Brisbane motorists have been left in shock at the sight of a naked man standing in broad daylight beside one of the city’s busiest roads.

The man, seen waving a placard protesting about alleged malpractice over bank loans on Thursday morning, is Russell Island land owner Paul Herman, a long-time ANZ Bank client, who is waging a nude protest outside ANZ’s Ashgrove branch on Waterworks Rd.

His nude rally, made with the support of Peter McQuitty of Nundah, is the latest escalation in his 12-year legal battle against the bank over alleged predatory lending practices that he says have left him on the brink of losing two properties on Russell Island.

Paul Herman stripped off outside ANZ Ashgrove.

Mr Herman claims that the ANZ mobile lender handling his loan application inflated his income by more than 600 per cent, a move he describes as fraudulent and devastating.

“I’ve been reasonable. I just need them to be reasonable and come to an agreement,” Mr Herman said.

“All I want is one property to secure some income for retirement, but they want to take everything.

“I am not alone – Peter McQuitty from Nundah is also with me because he believes he was taken advantage of with a predatory loan for his Buckland Rd property.

“I estimate that hundreds have faced similar issues with bank representatives who allegedly manipulated loan documents to inflate incomes without the borrowers’ consent.”

Paul Herman during his protest outside the ANZ branch in Ashgrove.

An Ashgrove resident, Mia said she got quite a shock when she saw the two men.

“I mean it is good to see people standing up for what they believe in,” she said.

“It was just a massive shock.”

Another local Cameron said he was driving past the intersection when he saw the pair naked.

“I had no idea what was going on I just saw a sign and a naked dude behind it,” Cameron said.

Mr Herman’s grievances date back to the period known as the “liar loan” era in Australia, when banks were accused of inflating loan applicants’ financials to approve riskier loans.

Motorists on Waterworks Rd at Ashgrove got an eyeful when Paul Herman and Peter McQuitty stripped off to protest what they claim is unfair loans. Picture: Contributed

Mr Herman said an ANZ mobile lender visited his home and completed parts of the loan application form without his knowledge or consent.

He claimed that instead of transferring figures from his tax returns to the application as agreed, the lender allegedly inflated his income.

The inflated figures enabled the approval of loans that Mr Herman could not afford, ultimately resulting in substantial losses when he was unable to meet repayments.

As Mr Herman’s finances deteriorated due to illness, he struggled to sell properties to cover the debt, leading to a downward spiral that left him with negative equity and significant losses.

The protest was launched in an effort to keep his Mallee St house and a block of land in Bohemia Ave on Russell Island.

He claims that ANZ initially agreed to allow him to retain the two properties but later retracted the offer, insisting on liquidating all assets linked to his loan.

Despite presenting documents that show the inflated income figures in the lender’s handwriting, Mr Herman has struggled to gain traction in court.

One of Paul Herman’s protest signs outside the bank at Ashgrove. Picture: Isabella Pesch

While ANZ acknowledges his complaints, the bank claims his case has been thoroughly reviewed by both the Australian Financial Complaints Authority and its predecessor, the Financial Ombudsman Service.

Both bodies reportedly found Mr Herman’s claims unsubstantiated in four out of five loans, with the fifth case still under review.

An ANZ spokesperson stated that due to the AFCA’s ongoing review, the bank “cannot comment further on Mr Herman’s case at this time”.

“Mr Herman has had a number of disputes with ANZ since 2014,” the spokesman said.

“The independent complaints authority, AFCA, as well as its predecessor the Financial Ombudsman Service, has previously considered his claims for four of five ANZ loans and found his claims are unsubstantiated.

“As AFCA is currently assessing Mr Herman’s claim on the fifth loan, ANZ is unable to comment further.”

Originally published as Russell Island land owner strips off to protest ANZ loan misconduct