ANZ revealed on Monday that the suspension includes loans provided for motor vehicles, boats and caravans for retail customers and covers both direct and broker-originated channels.
ANZ will continue to service its existing consumer asset finance customers and will continue to provide customers with access to personal loans during the suspension.
Its asset finance product for commercial customers is not impacted by this change.
“Given the increased technology costs required to effectively compete in the secured consumer asset finance market, we have decided to suspend all new loans while we conduct a detailed review of the business,” ANZ managing director of retail distribution Catriona Noble said.
“Our secured consumer asset finance product represents less than 1 per cent of revenue within our broader Australian business, so we need to assess if it is better for our customers, shareholders and employees if we focus our investment on areas of our business that are core to what we do.”
