Mad Macquarie sucked into mortgage crackdown

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Via the AFR:

Suncorp is attempting to improve insights on living expenses and lending on mortgage borrowers by requiring a minimum of three months statements for all credit liabilities, including home and personal loans, overdrafts, lines of credit and any other loan facility statements.

…Macquarie Bank customers will need to be able to demonstrate they can afford to repay their limits in full over three years.

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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.