Responsible lending: What the proposed changes could mean for consumers

Posted on October 13, 2020 by | 0 Comments

Changes to responsible lending put forward in the federal budget have drawn cries of celebration from lenders and condemnation from consumer advocates.

The proposed reforms would make it easier for everyday Australians to access credit – including home loans, credit cards and business loans – by rolling back rules that require banks to conduct meticulous checks of people’s expenses before administering a loan.

But with approvals for new home loans soaring and cash-strapped Australians contending with reduced stimulus payments, experts worry that a relaxation in the rules would burden households with unmanageable levels of debt.

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