Published 2 months ago

Home lenders failing customers struggling with mortgage stress, watchdog says

Summary by SBS News

Mortgage stress in Australia has surged to its highest level since the global financial crisis, as ASIC reports that one-third of borrowers abandon the arduous process for financial assistance.

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The Guardian

Australian home lenders accused of ignoring mortgage customers in financial distress

Some borrowers have been abandoned in a cost-of-living crisis and lenders must meet their obligations, the regulator saysGet our morning and afternoon news emails, free app or daily news podcastMajor Australian lenders are not doing enough to support mortgage customers in financial hardship, and in some cases they are ignoring requests for assistance altogether, the corporate regulator has found.In a major report to be released on Monday, the Au…

2 months ago·London, United Kingdom

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SBS News

Home lenders failing customers struggling with mortgage stress, watchdog says

Mortgage stress in Australia has surged to its highest level since the global financial crisis, as ASIC reports that one-third of borrowers abandon the arduous process for financial assistance.

2 months ago·Sydney, Australia

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9News

Banks need to do more to help struggling customers, watchdog says

A damning report has found a third of home loan customers facing financial hardship end up dropping their requests for help because their bank's application process is so difficult.The report, released today by the Australian Securities and Investments Commission (ASIC), scrutinised the financial hardship support programs offered by the 10 largest home loan lenders.The corporate watchdog said banks needed to do better.READ MORE: Australian celeb…

2 months ago·Australia

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