ASIC joins APRA in interest-only home loan crackdown

The corporate watchdog has joined the banking regulator in cracking down on interest-only home loans, announcing targeted surveillance of lenders and mortgage brokers inappropriately spruiking the loans.

The Australian Securities and Investments Commission (ASIC) also said eight lenders, including Commonwealth Bank, National Australia Bank and ANZ, will be forced to provide remediation, including possible refunds, to consumers who suffered financial difficulty as a result of shortcomings in past lending practices.

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