ASIC – realestatesource https://www.realestatesource.com.au Commercial and residential property news Tue, 26 Apr 2011 11:00:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png ASIC – realestatesource https://www.realestatesource.com.au 32 32 ASIC Orders Banks to Relax Rules That Restricted Older People From Borrowing https://www.realestatesource.com.au/asic-orders-banks-to-relax-rules-that-restricted-older-people-from-borrowing/ Tue, 26 Apr 2011 11:00:33 +0000 http://realestatesource.com.au/wordpress/asic-orders-banks-to-relax-rules-that-restricted-older-people-from-borrowing.html IN A positive move for middle-aged and older Australians, the Australian Securities and Investment Commission has ordered banks to relax rules that restricted borrowing capacity.

On April 23 ASIC announced it clarified responsible lending guidelines introduced in January – which inadvertently resulted in banks and non-bank lenders being rejected credit applications from middle aged people without a substantial retirement egg.

ASIC now says lenders must ask more questions to determine whether a middle aged applicant will be able to repay a 25-year owner occupier mortgage loan, if they are due, for example, to retire in the next decade.
]]> Commissioner Peter Boxall said some lenders were “adopting an unnecessarily restrictive approach to meeting the responsible lending requirements” adding ASIC was concerned by “reports of older borrowers whose employment will reduce, or cease, before the end of the loan term being refused loans”.

]]> Former Sydney Mortgage Broker Found Guilty of Fraud https://www.realestatesource.com.au/former-sydney-mortgage-broker-found-guilty-of-fraud/ Tue, 02 Jun 2009 16:20:59 +0000 http://realestatesource.com.au/wordpress/former-sydney-mortgage-broker-found-guilty-of-fraud.html From the ASIC website: 

Former mortgage broker Mr Adrian Camilleri was found guilty today on one count of fraud following an investigation by ASIC.

This followed an investigation into Mr Camilleri’s conduct between December 2005 and September 2006 while he was the sole director of Asset Finance Service Pty Ltd (under external administration).

Asset Finance Service Pty Ltd was a mortgage broking business that sourced lending capital from private investors. In December 2005 Asset Finance Service received $123,441 from an investor, the funds to be used for either investment in short term secured loans or to be returned. The funds were not invested and Mr Camilleri fraudulently omitted to account for them. To date the principal investment has not been repaid.

Mr Camilleri’s bail has been continued and the matter will return to the NSW District Court on 5 June 2009.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

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