Around one-third of customers who approach their home loan lender for help because they’re struggling with repayments have dropped out of the hardship process due to delays and information requirements, says the corporate regulator.
The Australian Securities and Investments Commission has lashed banks and non-bank lenders for creating “unnecessary barriers hindering customers from obtaining assistance”.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
