mortgage lending

ASIC Is Assessing Mortgage Lending Standards Across The Banking Sector

The Australian Securities and Investments Commission (ASIC) said it was examining mortgage lending standards across the banking sector after initiating civil court proceedings against Westpac Banking Corporation. The Westpac case “sends a message to the broader sector” that ASIC is prepared to “take anyone on,” Chairman Greg Medcraft told a parliamentary committee in Canberra.  On…

80 Postcodes That Are No Go Zones; Bank's Wary Of Lending

National Australia Bank has identified about 80 postcodes across Australia where it will restrict loan-to-valuation ratios due to concerns about the potential for home loan borrowers to default. Suburbs in Sydney fell under what the bank has labelled Group B, and were thought to have future deterioration in credit risk. Areas that ranged from inner-city suburbs such…