When National Australia Bank abruptly cancelled Bill Mott’s overdraft he didn’t just lose his $22million Queensland farm, the father-of-five also lost his marriage, his home and his livelihood.
After banking with NAB for 42 years, Mr Mott was in disbelief when his land in the Western Downs region of Queensland was taken from him.
He now wants to come face-to-face with the bankers who played a part in selling off his farm.
Bill Mott (pictured) lost his land, home and marriage when NAB cancelled his overdraft leaving him unable to make a mortgage payment
‘I didn’t really believe it was going to be sold. I really had no choice,’ he told the ABC. ‘They really came after me.’
When the overdraft was removed from Mr Mott’s facilities, he defaulted on a payment and receivers were called in.
‘Once in a generation’ land that he had purchased in 2008 was sold along with his machinery in a depressed market, for $7million.
The land was valued three years ago at $400 per acre as neighbouring lots across the country were sold this year for $1000 per acre.
Mr Mott suspects foul play, accusing NAB of fraud and maladministration in his account.
The Queensland farmer now wants to meet with the bankers who played a part in selling off his farm (stock image)
In a statement provided to Daily Mail Australia, NAB denied Mr Mott’s account had been subject to fraud.
NAB Agribusiness general manager Khan Horne said receivership was both rare and only ever a last resort.
‘NAB worked with the Mott family … providing additional funding through seasonal volatility and unexpected requirements for new equipment and other farming expenses across 2008-2013,’ Mr Horne said.
The ordeal has put tremendous stress on Mr Mott’s family resulting in his marriage breaking down and his son Ben struggling to cope.
He sees little option now but taking NAB to court but the case would be costly and when he runs out of money it would be another hit.
The ordeal left his son Ben (pictured) struggling to cope as the family lost their land and his parents ended their marriage
‘I initially put a lot of faith in the royal commission, but I see now it’s really not going to provide compensation, it’s not going to fix problems — it may stop problems in the future but it’s certainly not going to fix the ones out there now,’ he said.
There have been 6,591 public submissions to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry,
So far 0.2 percent of people who put themselves forward to speak have been called as witnesses, with the commission choosing who it wants to talk to.
Mr Mott will be in Brisbane this week as the royal commission’s hearings gather evidence from potentially three farmers from across Australia, but his story will not be told.