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Banks want more power to take farms, businesses

BANKS worried about risk have told the Turnbull ­Government they should be able to repossess farms and small businesses even if their customers pay their loans on time.

A showdown is looming between the Big Four and the Government over moves to push lenders to remove "unfair" provisions that are costing people their livelihoods.

It is understood that the Government is concerned about non-monetary defaults and is considering options if banks refuse to act fairly.

An announcement is expected before the May Budget. It is understood National Party MPs want change because farmers, who can borrow heavily to buy farms or upgrade equipment, are being targeted.

More on this at the Courier-Mail

Topics:  banks farms mortgages rural

News Corp Australia

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