in a case brought by the Australian Securities and Investments Commission as a test of the responsible lending laws.
By using the benchmark, thousands of customers were given loans larger than they would have been granted had the bank assessed them on their actual living costs. Justice Perram's judgment, should it stand, effectively validates the bank's use of the HEM benchmark in assessing loan applications — a benchmark used in some way by most home lending institutions.
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Source: smh - 🏆 6. / 80 Read more »
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