In a much anticipated ruling, the Justice Nye Perram found that thousands of home loans made by Westpac weren't irresponsible, despite using a relatively low benchmark rather than customers' actual living expenses to assess the loans., further muddying the waters for lenders about the standard that is expected as they await the final outcome from the court.
Asking whether a would-be borrower is willing to move their children from a private to a public school "If the consumer will need to make spending reductions and lifestyle changes to meet the financial obligations of the credit product, you may need additional information to enable you to determine whether the credit product will meet the consumer's requirements or objectives," ASIC said.
Using the fine-dining example, Justice Perram said that"knowing the amount I actually expend on food tells one nothing about what that conceptual minimum is", and argued the"conceptual minimum" is what is crucial in determining whether borrowers can actually make loan repayments. While she agrees about the wine and the wagyu being optional items, Ms Cox cites other spending that may not be captured in benchmarks but are considered necessities by certain borrowers, for example, additional schooling for a child with a disability.
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