Chippie .. good find .. it deserves special tread..
Royal commission interim report is due in Sep 2018 and final in Feb 2019
The key point to want is :
Bank in 75% cases use basic HEM , which is for a family of four, that is $32,400 a year, a level below the current old age pension for a couple. That is OBVIOUSLY FRAMING EXPENSES so they can lend more !!!
If Royal commission will impose higher > "lavish HEM" = aud58.2k for a family of 4 >>>> then we can say Royal commission has achieved something significant!!!
I hope Royal Commission is not just show and recommendation ... it is should about stricter rules !!
It is pathetic to watch how bank low level "expense measure" essentially pushing people to leave poorly... and fuel credit boom by doing so... what a horrible institutions..
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Royal Commision and Home Expenditure Measure (HEM) benchmark
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