Home buyers will be quizzed about how they plan to repay their remaining mortgages or any credit secured against their properties when they retire, even if they have decades remaining in the workforce, confidential new lending policies by Westpac reveal.
Bank officials and mortgage brokers, who act as intermediaries between buyers and the bank, are being ordered to "record (the applicants) comments in your notes for review".
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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au
