Westpac Banking (ASX:WBC, NZE:WBC) launched a new one-year income assessment option to streamline and speed up the home loan application process for self-employed Australians, following a 30% surge in lending to this customer group, according to a media release on Thursday.
The new one-year income assessment addresses the unique income variability of self-employed borrowers, making it easier and faster for them to secure home or investment loans with expert support, the bank said.
This move reflects a growing trend toward self-employment, with Australian Bureau of Statistics data showing a 5.5% rise in self-employment income to AU$29.5 billion in the March quarter, the bank added.
The bank's Australia and New Zealand shares were each down 1% in recent Thursday trade.
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