Second tier follows through on credit policy promises

by Adam Smith12 Jun 2012

A second tier has said it is following through on its commitment to simplify its credit process for brokers.

Following commitments made during its national broker roadshow, ING Direct has said it has made changes to simplify its credit assessment process, pledging a "common sense approach". The changes include enhancements to income criteria and verification, simpler treatment and allowances for depreciation add-backs and a loosening of criteria relating to smaller properties.

The bank's chief risk officer, Bart Hellemans, flagged the changes at a broker roadshow in Sydney last month. Hellemans said the bank would now allow add-backs on depreciation, would accept two dwellings on a single title, would decrease the minimum space on units to 40 square metres and would allow casual employment and contractors.

"Brokers responded positively when we flagged these changes and we’re very happy to have delivered these so quickly," the bank's head of broker distribution Mark Woolnough said.

Woolnough said the changes followed on a previous initiative for the bank to allow brokers direct access to credit assessors.

"We’ll continue to evolve to ensure we make our policy and credit assessment simpler for brokers, making it easier to deal with ING Direct," Woolnough said.

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