Commonwealth Bank to write off indigenous loans

Four hundred personal and car loans to indigenous residents of outback communities in South Australia and Queensland will be reviewed and many may be written off as the Commonwealth Bank responds to ASIC’s investigation into failures in the bank's lending practices involving third parties. The loans were arranged by brokers and mostly to customers dependent upon welfare and living in remote communities where the costs of living asre estimated to be up to 30 per cent higher than elsewhere.

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