Responsible lending is what you would expect from a customer owned bank
This recent story in the media and the ABC 7.30 Report (13 August 2012) have highlighted potentially irresponsible lending by many Australian banks. bankmecu believes lending money to people using “low-doc” loans is not responsible and can result in people being given loans they cannot afford or repay.
As a customer owned bank, bankmecu invests customers funds responsibly and ethically which means making loans only to other customers who have demonstrated a capacity to repay them. These values have always guided our approach to banking and always will.
General Manager Lending & Personal Banking John Yardley says “bankmecu, is strongly committed to responsible lending practices, we won’t lend money to our customers unless we are convinced they are in a position to pay it back. bankmecu has never offered low-doc loans.”
Being a customer owned bank, makes us accountable to customers and because we are owned by our customers, we put their interests first.
“It’s alarming that these irresponsible lending practices have occurred, all lenders have a responsibility to exercise responsible lending practices” said Yardley.
This is confirmed by the fact that bankmecu has one of the lowest levels of impaired loans amongst lenders in Australia.
bankmecu customers can be confident that any customer we offer a loan to will have the capacity to manage its repayment - that’s responsible banking.