Potentially exciting news for borrowers this week with the announcement to unwind Responsible Lending Laws, encouraging a post pandemic economy bounce back. Josh Frydenberg intends to lighten the banking laws switching from 'lender beware' to 'borrower beware'.
"As Australia continues to recover from the COVID-19 pandemic, it is more important than ever that there are no unnecessary barriers to the flow of credit to households and small businesses."
"By simplifying the loan application for borrowers, it will reduce the barriers to switching between credit providers, encouraging consumer to seek out a better deal "
This news has had mixed opinions, but most agree it is an attempt to support the property market in the short term and clearly create easier access to lending.