Case Study 7 (Interpretation of Data)

Lifestyle Transactions

Applicant: Susan and Keith Goal: To buy first home Channel: Broker   

Scenario 4.png

Questions to Consider

  • Can the industry agree on some consistency on classification?

  • Can the industry agree on required time frames? 3m, 6m, 12m?

  • Brokers currently categorise the expenses – is that valid going forward?

  • Who (broker vs lender) is liable for specific bank transactions being incorrectly classified or not questioned?

  • In the case of Bank 1 and 2 questions around expenditure, how would they log the answers and would that sufficient as an “inquiry”?