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Westpac reveals ’liar loan’ crackdown

Home loan applicants at Westpac will have to reveal spending on everything from pet care to tax and toiletries, under a tough new "responsible lending" regime being introduced from next Tuesday.

Westpac reveals ’liar loan’ crackdown
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The nation’s second largest lender, which includes Bank of Melbourne, BankSA and St George Bank, will deeply drill into borrowers’ income and spending to better understand their living expenses, commitments, capacity to repay and verify documents.

Read the full article on The Australian Financial Review.

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