From Monday, NAB said it was introducing new guidelines for Bank of Mum and Dad that “complements the law and, in some areas, sets higher standards”.
…Under NAB’s new controls, loan guarantors will face improved scrutiny of their suitability by providing more information about how it will impact their finances and awareness of responsibilities.
Commonwealth Bank of Australia, ANZ and Westpac Group, which includes Bank of Melbourne, BankSA and St George Bank, are introducing similar changes.