Banking Royal Commission: We rely on car dealers to verify our loans, says Westpac
Australia’s largest provider of auto loans accepts customer information provided by car dealerships as gospel and does not independently verify the expenses – and in some cases income – of loan applicants.
The Hayne royal commission heard from Nalini Thiruvangadam on Wednesday about her experiences with car finance provided by Westpac. The part-time carer and recipient of Centrelink benefits was approved for a loan after submitting an application stating she had zero expenses.