Teachers Mutual Bank is selling around A$20 million in 10-year subordinated debt, its first form of outside capital. Lead manager Commonwealth Bank put price guidance yesterday at 280 to 300 basis point over the three-month swap. National Australia Bank is rolling out a new round of identification and income checks for property borrowers, the AFR reports. These measures are in response to policies introduced by the Australian Registers National Electronic Conveyancing Council to tackle online fraud. Borrowers will be required to provide photo ID, with supporting documents verified by the mortgage broker arranging the deal. Other lenders are introducing similar policies. NAB is also tightening credit policies, such as verification of bonus income and more closely scrutinising any regular deductions from PAYG income, such as superannuation salary sacrifice.