Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Suncorp changes product policy

Staff Reporter 1 minute read

Suncorp has issued changes to its loan criteria and borrower assessments.

The lender has made several credit policy chnages to help it comply with the upcoming National Consumer Credit Protection Act, which come into effect from 1 January.

The credit policy changes include asking for extra detail on a customer’s monthly living expenses and extending the serviceability buffer from 0.65 per cent to 1.25 per cent.

The lender’s executive manager of personal lending Tony Meredith said the changes were not big and should only mean each broker has to spend approximately 10 extra minutes with each potential borrower.

Suncorp changes product policy
default
TheAdviser logo
default

 

more from the adviser
money au ta Lenders extend cashback offers

Several lenders and their subsidiaries have extended their cashba...

ren wong N1 pivots to become SME lender

Diversified broking and non-bank lending group N1 Holdings has an...

elderly people ta More retirees resuming downsizing plans

Retirees have resumed their plans to downsize due to “feeling m...

FROM THE WEB