Banks have turned into Big Brother and are snooping through customers’ personal transactions before granting them loans to try and catch out whether they have hidden pets or could be pregnant.
Following public pressure from the royal commission, banks are now going through customer’s transactions to try and catch them out lying about their spending before approving loans.
In one example a customer was quizzed about why he hadn’t declared he had a pet in his loan application after the bank noticed he’d spent $50 a pet shop. The man had been buying a gift for a friend.
In another case a big four bank asked a woman if she was pregnant after they noticed she was spending a lot at baby shops.
Mortgage brokers told The Daily Telegraph they are now being asked to provide double the amount of documents on customers compared with two years ago.
Banks doing due diligence before determining capacity to borrow? Shocking. This is how the banking system is supposed to work. For good customers, for people who live within their means, for people who are financially responsible, this works well.