The non-major lender has announced changes to its credit policy to reflect economic uncertainty from the coronavirus outbreak.
Gateway Bank has announced a number of changes to its lending policy to “ensure new borrowers can afford their loan repayments” and to “continue to lend responsibly”.
Gateway’s policy revisions relate to income and employment conditions on new applications submitted from Thursday, 10 April.
For new PAYG applicants:
For self-employed applicants:
Moreover, Gateway has noted that for applications that have already received conditional or formal approved, the bank will require a written confirmation from the applicants confirming that:
Gateway Bank is the latest lender to adjust its risk appetite, joining the likes of MyState Bank, Heritage Bank, ME Bank and several non-banks in revising their credit policies in response to the COVID-19 fallout.
[Related: MyState, Heritage tighten risk appetites]
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