I think sub prime lending is an American concept which was prevented by Australia's Credit Act, although as you say, a more lenient approach can be taken to poor credit performance recognising rate for risk. I was alluding to the exit of ANZ/Esanda and Macquarie, etc from consumer financing which excited smaller lenders such as Money 3/AFS & most of all MME, but have discovered why the banks no longer service this market. ASIC's case showed up the performance of cowboy introducers who were charging welfare recipients & single mums, etc monumental fees and rates without determining that the customers had the ability to make repayments.
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