The Australia and New Zealand Banking Group (ASX: ANZ) share price is down 3.5% after news came of stricter lending laws, and the company’s shares went ‘ex-dividend‘.
ANZ and the other big four banks of Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB) have faced questions regarding their lending practices ever since appearing in the Royal Commission, which has already cost ANZ $374 million.
Some of the ANZ lending changes
Fairfax Media are reporting that ANZ will use 3rd party agencies to check for other debts such as car loans or credit cards and to see if that hasn’t been listed on an application.
Mortgage brokers will also be required to disclose if the borrower is nearing retirement and more details on living expenses.
The bank also wants to understand borrowers’ income relating to overtime, bonuses, commissions. Part time workers will be required to provide salary credits from six months of continuous employment.
Over the past year the ANZ share price is down 11%.
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