BoQ forced to make changes to loan applications

Bank of Queensland has changed its home loan application assessment after the Australian Securities and Investments Commission raised concerns.

ASIC said BOQ was using the Henderson Poverty Index to estimate living expenses of loan applicants rather than their actual living expenses. This is not consistent with the National Consumer Credit Protection rules.

BOQ has changed its home loan application forms to obtain more information about actual living expenses.

Source: Banking Day

Advertisement