Original article by James Eyers
The Australian Financial Review – Page: 19 : 6-Oct-17
National Australia Bank has advised that its standard contract for small business loans has been streamlined to make it "simple, fairer and more transparent". The number of clauses in the standard contract has been reduced from 24 to just 17, while it includes a summary of key terms in plain English. The new contracts will apply to about 98.7 per cent of the bank’s business customers. The move to simplify small business lending contracts follows criticism of the banking sector’s existing contracts by small business ombudsman Kate Carnell earlier in 2017.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN LABOR PARTY