Just to add some context around ANZ’s approach to lending, specifically to disclosure and consultation.

I didn’t know very much about this stuff (that has all changed now!). My approach to money has been that you live within your means and occasionally might take out a loan to cover a big ticket item like a car. Of course, the biggest ticket item that many of us are likely to take a loan out for is, of course a home. But even then, you live within your means, you scrimp, you save and you make it work…but the key thing is living within your means…you don’t take out loans that you cannot repay…

In our personal/joint accounts, ANZ took this to the nth degree of pedantry i.e. it was super-pedantic about making sure it consulted with each of us and received our permission before allowing even a small $1-200 extension to our joint overdraft to cover perhaps a pay whoopsy or something like that. Even with two pays going in fortnightly and good payment history, ANZ would still insist on full consultation and our joint approval before enabling any extensions of credit…even small ones…even for only a couple of days…

To be honest, as annoying as it could be at times, I was comfortable with this rigour. I liked that ANZ took this care to ensure that we were both in the loop for any changes to our commitments – no surprises….

Well, they say you don’t know what you don’t know…as the next Act reveals…

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