Westpac tells mortgage brokers to quiz investors on IO rationale
Staff reporterJuly 5, 2017
Westpac Group, the nation's second largest mortgage lender, has told mortgage brokers to grill clients on why they want an interest-only loan.
They are to "make them aware of their features and considerations".
Brokers must note the client's answers and include them in the application.
"It is important clients can provide clear reasoning for their choice of loan and can demonstrate an understanding of an interest-only loan and its features so we can have confidence our product aligns to their needs," a bank spokesman told Fairfax Media.
