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Westpac admits to breaching responsible lending obligations and now up for a $35 million civil penalty:

"If approved by the Federal Court, this will represent the largest civil penalty awarded under the National Credit Act."

- recent ASIC media release today 4th September 2018

Read the full ASIC media release here.

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    • By Carol from Vista Financial
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      On hold again, as most predicted.
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      What is it?
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      LMI cover protects the lender, and you pay the premium. That’s right, you are paying to protect the bank from yourself!
       
      When/why is LMI applicable?
      Normally LMI is required if you request to borrow more than 80% of the property value, as this is deemed riskier to the lender.
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