The ACCC is commencing an inquiry to find out why banks are not fully passing on interest rate cuts to borrowers, and what prevents customers from switching to cheaper lenders.
October 15, 2019ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
September 11, 2019A new intermediary should be created to standardise the underlying mortgage loans, underwriting guidelines and loan servicing standards, the panel says.
September 10, 2019Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.
July 17, 2019Under APRA's new serviceability guidance, borrowers on a typical 4% mortgage rate can expect to be assessed at 6.25% rather than 7.25%, enabling them to immediately secure larger loans.
July 8, 2019Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.
February 26, 2019By setting mortgage priority amounts almost three times the home loan principal, banks are preventing borrowers from shopping around for a second mortgage.
January 9, 2019The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.
October 9, 2018Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.
September 6, 2018Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers' best interests.
March 29, 2018