Briefs: Westpac opens up on IO and compliance strife

Banking Day staff Briefs
  • Around a third of interest-only mortgage customers at Westpac are as little as one month ahead with their loan repayments, Robert Love, head of credit optimisation for the bank told a Federal Court hearing in Sydney yesterday, The Australian reports. ASIC and Westpac have returned to court to try and resolve a responsible lending settlement that was thrown out of court last year. ASIC has amended its claim, and this week told the court the bank improperly relied on the HEM income measure more than 260,000 times.