'Invasive': Banks push back on plan to trawl home loan customer spending

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'Invasive': Banks push back on plan to trawl home loan customer spending | jcollett_money

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Most lenders use a benchmark such as the household expenditure measure , which is a rough estimate of expenses, to estimate spending although the banks have increasingly sought additional detail from borrowers.

Consideration of one average credit card statement for transactions representing actual living expenses could involve the review of between 100-300 separate transactions for that monthANZ said it would have to do that for three months of statements which is complained would take a bank officer about two hours, in addition to other parts of the assessment process.

"Accurately verifying basic and discretionary living expenses using transactional account data is currently not feasible and in Westpac’s experience, would be of limited value," its submission says. Commonwealth Bank cited risks to customers' privacy if the bank had to "extract information from customers' online banking platforms".

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