Western Pacific Bank (Westpac), Australia`s second-largest lender, will introduce stricter lending standards starting tomorrow (April 17).
The new standard will require mortgage applicants to disclose everything from capital investments to pet care fees, taxes, toiletries, and more.
01 specific audit requirement
In the change in audit rules, regular reporting of basic costs is replaced by "specific and item-by-item" expense categories, from 6 to 13, and customers are required to provide more details of their expenses to ensure that all declarations are complete.
For example, there is a category where applicants are required to provide supermarket bills, such as receipts for groceries such as food and cosmetics. In other words, the small tickets to the supermarket can no longer be thrown away casually, if you want to apply for loans, these have to be provided to the bank.
In addition, borrowers are asked how much they spend on leisure and entertainment, including alcohol, tobacco, gambling, restaurants, club membership fees, pet care and holiday expenses.
On any one of the bank requirements, if the applicant does not have a fee incurred. A reason or remark should be given under this item for bank clerks and brokers to know.
02 Comprehensive Credit report
