ABC’s The Business has done an interesting segment on the Banking Royal Commission, which is worth a look.
It profile’s a young women named Amy Nivison-Smith – a 22 year-old Sydney resident who upon just finishing school, and with no savings history, was approached by NAB to borrow $35,000 for a car at an interest rate of around 15%. NAB is now being accused of predatory lending and failing to meet its responsible lending requirements.
Expect to hear many such stories as the Banking Royal Commission begins proceedings today.
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