Applications for loans will now be analysed separately in a push for responsible lending.
In the last few days, Commonwealth Bank has announced some new changes to help tighten its lending policies. The bank contacted mortgage brokers last week to confirm that it will no longer bundle home loan and credit card applications together. Customers still have the choice of applying for a new credit card and a mortgage at the same time, but the bank will now assess the requests individually.
Rather than approving your credit card based on your home loan application, CommBank will now review the applications separately to ensure that you can afford both before approving each produ…
Read the full article at: https://www.finder.com.au/commbank-no-longer-combines-credit-card-and-mortgage-applications