Great points!
If Westpac's entire loan book is similar to that 420 sample. Then the quality of loans have to be very seriously questioned.
The 12% of applicants having debt to income ratio greater than 10x is so bloody scary!!!!!
Another point is: If due diligence wasn't taken during the application process. Does Westpac even know the true income and expenses of their clients? Therefore how potentially stressed they currently are?
If foreign capital costs keep raising. Then last week's rate raise might not the be last.....
If the US fed continues raising the cash rate every qtr, the pressure will continue to build on foreign borrowing costs.
Will the RBA eventually start QE to ease the pressure. Maybe. But a lot of water has to flow under the bridge for this to be a possibility.
Great points! If Westpac's entire loan book is similar to that...
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