Original article by Duncan Hughes
The Australian Financial Review – Page: 21 : 25-Oct-18
Analysis by the Australian Prudential Regulation Authority shows that mortgage lenders approved $19bn worth of loans in the year to September that do not meet their revised lending criteria. This is $9b higher than the previous year, with major lenders recording the biggest growth in such loans. Martin North of Digital Finance Analytics says it is a concern that banks are not complying with their own rules regarding the ability of customers to service their loans. APRA notes that the new rules allow lenders to take into account exceptional circumstances when assessing a home loan application.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, DIGITAL FINANCE ANALYTICS, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY