Treasurer Josh Frydenberg will overhaul the laws governing mortgages, personal loans, credit cards and payday lending to streamline decisions on whether customers can afford the loans they seek | CroweDM
Banks are subject to standards set by the Australian Prudential Regulation Authority but they also face scrutiny of their responsible lending obligations by the Australian Securities and Investments Commission.
Mr Frydenberg is framing the changes as a way to address "excessive risk aversion" in banking and finance and to free up the flow of credit. Customers will keep the protection of existing consumer law, with credit providers required to comply with existing licensing obligations to act efficiently, honestly and fairly.
Master Builders Australia chief Denita Wawn said the industry was happy with the government’s HomeBuilder scheme to encourage new home buyers but was worried that banks were taking too long to approve loans.
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