Westpac pulls low doc, battens down the hatches

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Via Banking Day:

Westpac has swung the axe on a range of alternative mortgages marketed by its Bank of Melbourne and Bank SA subsidiaries.

In identically worded memos sent to mortgage brokers on Tuesday, BoM and Bank SA announced that their fixed and variable rate low doc home loans would be withdrawn from sale on 1 July.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.