Rising rent? Mega mortgage? Cozzielivs? 'Hardship' help hard to get, as banks fail to help those who need it
"We found that in a number of respects, banks and other lenders are failing to live up to community expectations," said Australian Securities and Investments Commissioner Alan Kirkland. ASIC chairman Joe Longo says some of Australia's most well-known banks are on notice: "Too many Australians in financial hardship are finding it hard to get help from their lenders and it’s time for meaningful improvement.
Under the National Credit Code, if a consumer tells their lender they can't or won't be able to meet their payments, lenders must consider varying the credit contract and then advise the customer of the decision within a specified period of time. Forced sales are difficult, with costs including sales and relocation as well as non-financial costs like stress and disruption.
"Three months is never enough time to regain control of your life and your mortgage repayments when family violence is involved."The report does not take institutions to task over individual results, so it isn't clear out of the 10 examined who is better or worse.