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Suzi Burge has most of her possessions stored in containers after losing her business, her marriage and her home after the Commonwealth Bank called in her business loan.

Ten years ago, she and her then husband had assets worth about $3 million and owed about $800,000 in two mortgages over three properties. The 53-year-old Tasmanian now lives off a disability pension.

In 2008, she and her then husband wanted a business loan to refurbish and extend their commercial premises in Launceston and expand their crafts business.

Burge said they originally made the application for an investment loan over 30 years and this was conditionally approved. But a few weeks before final approval, the bank said it had to be a business loan with the term of 15 years and an interest rate of 9.5 per cent rather than the 7.5 per cent that they would have paid on the investment loan.

The couple had already organised for the work on the business premises to begin. They thought if the bank had approved the loan they must be able to handle the repayments …

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EARLIER on Tasmanian Times ... Suzi has detailed her story ...

Burge v Commonwealth Bank of Australia