Determination | 30 November 2017



Key issues: Investment | Mortgage provider | Application declined and misrepresentation/misleading conduct







Summary of the complaint:









  • The consumer has an owner-occupied home loan with a variable interest rate with the FSP, secured over his home. The loan provides for payments of principal and interest.

  • The consumer requested the FSP to vary the terms of his loan, by changing his loan repayments from principal and interest to interest only, as he had begun to rent out his security property.

  • We found that this complaint was outside of our jurisdiction as we were unable to deal with a complaint where the FSP has done no more than exercise its commercial judgment, including in relation to lending.

Download Determination.