Overview
This report sets out ASIC’s findings from a review of home loans with an interest-only period during the initial part of the loan (interest-only home loans). The review looked at the practices of 11 lenders who offer interest-only home loans.
The review found examples of practices that place lenders at risk of breaching responsible lending obligations. The report details these findings and sets out a number of actions that Australian credit licensees (credit licensees) should take.
All 11 lenders that were included in this review have agreed to implement the actions set out in this report
