5 months ago
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Some borrowers have been abandoned in a cost-of-living crisis and lenders must meet their obligations, the regulator says
Major Australian lenders are not doing enough to support mortgage customers in financial hardship, and in some cases they are ignoring requests for assistance altogether, the corporate regulator has found.
In a major report to be released on Monday, the Australian Securities and Investments Commission (Asic) found that more than one-in-three customers dropped out of a hardship application, a process designed to vary repayments while a borrower gets back on their feet, because of unnecessary barriers.
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