Business
We are having the wrong debate about responsible lending – Sydney Morning Herald
The debate about the Morrison government’s proposed repeal of responsible lending laws is being framed in a context that no longer exists.
That was despite the fact that the algorithms Westpac was using had more than 200 rules it wasnt solely using the HEM and that the bank also added a buffer to the HEM before a loan could be approved.
Moreover, data from the parcel of loans approved by Westpacs automated lending system that ASIC targeted showed they had better credit quality lower hardship applications, similar delinquencies and a higher level of additional repayments – than manually approved loans or the rest of Westpacs loan portfolio.
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