My mother in law used to sing it to my kids like this:
(with all the llllls)
I love to play my old banjo and rest it on my knee ,
But now the strings are broken down and it's no good to me,
I took it to a menders shop to see what he could do ,
But still the strings are broken down and it's no good to me,
I took it to another shop to see what he could do ,
And now the strings are fixed again and it's as good as new.

Yes it is in the Mad Max movie briefly where Steve Bisleys character is driving along singing it.

I'm curious what other countries have heard of it. I am Australian.