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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

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Borrow

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby

September 11 2019
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Borrow

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby
September 11 2019

The corporate regulator has announced that it has filed an appeal against the recent Federal Court ruling that Westpac had not breached responsible lending provisions in its granting of home loans between 2011 and 2015.

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby

September 11 2019
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At the time, Westpac was found not to be in breach of its obligations by Justice Nye Perram, who said “the act requires a credit provider to ask itself only whether ‘the consumer will be unable to comply with the consumer’s financial obligations under the contract’ or, alternatively, whether the consumer ‘could only comply with substantial hardship’.”

The decision was considered as a test case for the legislation surrounding obligations on credit providers and what actually constitutes the provision of ‘responsible’ lending.

The decision had followed a concession by Westpac that it had granted 100,000 loans “without sufficiently assessing their suitability”.

In announcing the appeal, ASIC commissioner Sean Hughes said that “the Credit Act imposes a number of legal obligations on credit providers, including the need to make reasonable inquiries about a borrower’s financial circumstances, verifying information obtained from borrowers, and making an assessment of whether a loan is unsuitable for the borrower”.

“ASIC considers that the Federal Court’s decision creates uncertainty as to what is required for a lender to comply with its assessment obligation, nor does ASIC regard the decision as consistent with the legislative intention of the responsible lending regime,” he continued.

“For those reasons, ASIC will appeal to the Full Court of the Federal Court,” the commissioner stated.

The ASIC announcement comes less than a week after law firm Slater and Gordon announced it was filing a class action against Westpac subsidiaries BT Funds Management Ltd and Westpac Life Insurance Services Ltd, which alleged that thousands of superannuation members were shortchanged by their funds and not provided with “valuable” service.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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