Lenders have made applying for financial assistance so difficult that one-in-three home owners struggling with mortgage stress give up on the process, the corporate watchdog says. A scathing report from the Australian Securities and Investments Commission says bank and non-bank lenders are failing struggling customers. The number of hardship notices submitted by customers jumped by 54 per cent in the last quarter of 2023, year-on-year.
report took data from 30 lenders and closely reviewed 10 of the biggest lenders along with 80 case studies. The leading reasons behind customer hardship notices were over-commitment, followed by reduced income, medical reasons, unemployment and separation. The report also found two-in-five customers who secured support fell into arrears at the end of the assistance period.
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