Australia's banks and non-bank lenders fail to adequately support mortgage-stressed customers, with a 54% increase in hardship notices in Q4 2023.
ASIC reports that Australia's banks and non-bank lenders are inadequately supporting customers in mortgage stress, with one in three homeowners abandoning the application process. The number of hardship notices submitted by customers increased by 54% in Q4 2023. ASIC found that a standardized, one-size-fits-all approach is not meeting borrower needs, and there is a lack of adequate arrangements for vulnerable Australians. ASIC recommends borrowers facing difficulties to contact their lender and lodge a complaint, while leading lenders have launched programs to improve hardship management.
May 19, 2024
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