Major banks are using customers' petrol spending habits to identify those at risk of home loan defaults before they miss a repayment.
Major banks are secretly prying into customers’ spending – including the amount of petrol going into the family car – to identify those who are heading toward a home loan default well before they miss a repayment. One technique, using technology developed by London-listed Experian , involves identifying borrowers who used to fill up their petrol tank to the top every time they visited the bowser – but now are only paying a round number and driving away with less than a half-filled tank.
This may seem like a reasonable response to stubbornly high retail petrol prices, as the average cost of a litre of fuel has stayed above $1.90 since early August, driven by geopolitical volatility and pressures on supply. But banks see the behaviour as a red flag a customer may be struggling more broadly with, making them more at risk of becoming late on repayments compared to a driver filling up to the brim. “This is a signal people are starting to find it tough,” says Jordan Harris, head of innovation at Experia
Banks Petrol Spending Home Loan Defaults Repayment Experian
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