A focus on responsible lending will uncover huge problems for the banks – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

Key points:

42 per cent of home loan customers told banks they had incomes in excess of $500,000 last year
Westpac is the first bank to face ASIC court action over irresponsible lending allegations
Mortgage contracts can be voided if the bank provides credit to someone who cannot afford it

via A focus on responsible lending will uncover huge problems for the banks – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)