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ASIC takes major bank to court over home lending

ASIC has today commenced civil penalty proceedings in the Federal Court against a big four bank for a number of contraventions of the responsible lending provisions of National Consumer Credit Protection Act 2009. ASIC alleges that in the period between December 2011 and March 2015 Westpac failed to properly assess whether borrowers could meet their repayment obligations before entering into home loan contracts. Specifically, ASIC alleges that Westpac: • used a benchmark instead of the actual expenses declared by borrowers in assessing their ability to repay the loan • approved loans where a proper assessment of a borrower's ability to repay the loan would have shown a monthly deficit • for

 
 
 

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