Home lenders failing customers struggling with mortgage stress, watchdog says

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…

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.