The Federal Member for Kennedy said the Credit Repayment Bill could do this by giving borrowers two years to sell their properties.

This bill applies to rural or residential properties worth more than $150,000.

“Financial institutions have historically exercised untrammelled and unrestrained powers by their superior bargaining position when dealing with people in default of their loans,” Mr Katter said.

“And there would be few people in Australia, let alone in this Parliament, who would not be aware of what is taking place in rural Australia.”

The bill also stops confidentiality agreements between banks and borrowers.

“These people are not allowed to speak, they are forced by the bank to sign a document saying, ‘I won’t say anything to anyone about this.’ 

“And this Parliament seems not be interested in this issue, this place has done absolutely nothing to help us,” Mr Katter said. 

Mr Katter said that farmers only had two months to sell their property if forced by the bank to do so. 

In that two month period the farmer would be lucky to get 40 per cent of the property’s market value, he said. 

But the farmer might get closer to 80 per cent if the property had two years before it had to be sold. 

“Do you think it’s conscionable to go out and flog a bloke's property out from underneath him on the basis of six weeks notice?” Mr Katter said. 

“Giving him no say in the sale whatsoever and leaving him completely destroyed financially? 

“If that is not unconscionable conduct, I do not know what is.” 

Mr Katter believed there are 4,500 empty houses in Mackay, and another empty 1000 between Dysart, Moranbah, and Charters Towers.

“So there will be foreclosures—to quote the Bard—'hell, west and crooked'.

“It seems only to be Independents who react to the pain of the people out there,” Mr Katter said.