Business Services Industry
Less paperwork proves popular.
Australasian Business Intelligence, July, 2005
Jul 19, 2005 (The Australian Financial Review - ABIX via COMTEX)
The Australian Taxation Office (ATO) began examining tax avoidance in low documentation ("low-doc") loans in 2004. It is not the only administrative agency with concerns in the area. The Australian Prudential Regulation Authority (APRA) has also expressed concerns about lenders' standards of information quality before committing to the loans. Four of the major providers of low-doc loans in Australia are Adelaide Bank, Bluestone, St George and Suncorp-Metway. Meanwhile, Macquarie Equities believes that low-doc and non-conforming loans could increase the mortgage lending market to $A70 billion between 2008 and 2010, which would represent a $A50 billion rise.
Publication Date: 20 July 2005...
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