Both property and small business are two areas of the economy feeling the heat as a result of the 2018 Banking Royal Commission. If you own a real estate agency, this can be troubling news!
During commission hearings, it was found lenders including ANZ and Westpac financed small business loans which the Financial Ombudsman later ruled should not have been approved. In one case raised as part of the enquiry, it was reported borrowers were given in excess of $200,000 despite providing unrealistic financial forecasts.