ASIC not appealing 'wagyu & shiraz' case vs Westpac

Discussion in 'Loans & Mortgage Brokers' started by Clive Palmer's Yacht, 27th Jul, 2020.

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  1. Clive Palmer's Yacht

    Clive Palmer's Yacht Well-Known Member

    Joined:
    23rd Apr, 2019
    Posts:
    284
    Location:
    Sydney
    Not a lot of media coverage, but seems ASIC is not pursuing a High Court appeal having lost its case twice..

    ASIC to review responsible lending guidance

    ..So I wonder if we'll gradually see some relaxation over the strict interpretation of reviewing borrower living expenses which kicked in during the 2018 Royal Commission? This process is obviously slowing application processes, causing reduced availability of credit, and costing a lot in terms of time, investment in bank systems etc - all at a time when flow of credit is key to building consumer confidence.

    Will HEM (albeit at now increased levels) find favour again?
     
    Clive Palmer's Yacht, 27th Jul, 2020
    #1
  2. Richard Taylor

    Richard Taylor Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    434
    Location:
    Brisbane
    I think you will find relying solely on HEM etc is a boat which has well and truelly sailed.

    Cheers


    Richard
     
    Richard Taylor, 27th Jul, 2020
    #2
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