Living Expenses Working Group
In response to the publication by ASIC of REP 445 in August 2015, and REP 493 in September 2016, the Living Expenses Working Group formed in November 2015. The aim was to standardise the data collection to meet the requirements of ASIC and to improve the process for brokers and customers.
Through a series of meetings the working group collaboratively developed a set of requirements around;
- Declared living expenses
- Interest only loan reasons
- Broker declarations regarding borrower requirements and objectives and product suitability
A summary of these requirements can be found here, but for full detail view the Issue Tickets and associated discussion in LIXILab.
A number of iterations of draft LIXI 2 standards that accommodate these requirements were released for comment with a final version of the LIXI Credit Application for Australia Standard being published on 13th December 2016 (LIXI Credit Application for Australia (CAL 2.6.0) Standard).
LIXI 1 changes are being finalised and will be published in the coming days, with further information available here: Proposed LIXI 1 Solutions to the Living Expense Working Group Requirements.
Broad support for this initiative included involvement from: Advantedge, AFG, ANZ, Adelaide & Bendigo Bank, Aussie Home Loans, CBA, Connective, Credit Union Australia, ING Direct, Gadens, LTX, Macquarie Bank, MFAA, Mortgage Choice, NAB, P&N Bank, Pepper, Sandstone, Simpology, St George, Suncorp and Westpac.
Proposer: Joanne Mather, Mortgage Choice
Convenor: Bruce Treloar, LIXI
Updated: 13th December 2016