Westpac 's CEO , Brian Hartzer , has said that mortgage broking will be the next financial service that will come under heavy scrutiny from regulatory authorities in Australia . He suggested that the current rules could be used to force institutions to offer interest - only loans to customers , only as a fully - advised loan , as is the case in the UK . This would force banks to demonstrate that they have assessed the customer 's ability to pay , that the loan is suitable for that customer , and that the customer fully understands the terms of the loan .
Westpac's CEO, Brian Hartzer, has said that mortgage broking will be the next financial service that will come under heavy scrutiny from regulatory authorities in Australia. He suggested that the current model may be changed to force institutions to offer interest-only loans to customers, only as a fully-advised product, as is the case in the UK. This would force banks to demonstrate that they have assessed the customer's ability to pay, that the product is suitable for that customer, and that the customer fully understands the terms of the loan.