low doc loans

Australian property and banking practice is no different to the USA, we just hide it better due the control of the 4 pillars

No doubt we will hear more as time goes on

Courts rule against lenders as boom-time low-doc loan frenzy unravels

SUBPRIME-STYLE lending practices were rampant during the last property boom despite claims by lenders that local practices were superior to global standards.

The Australian has exclusively obtained hundreds of internal emails between lenders and mortgage brokers that lift the lid on the extent of aggressive -- and in many cases predatory -- lending practices in the five years leading up to the global financial crisis
Link to The Australian