Monday, January 10, 2011

Credit Rule Changes in Australia

Under-reported rule changes regarding issuing credit in Australia.
Credit .... Not so easy ?
This is new ? Prior to this new legislation it was ok for Australian lenders to issue loans to people knowing they couldn't pay them back ? Really ? That could explain some of the things we have witnessed over the previous decade, but surely that wasn't enshrined in legislation.

The major parts of the latest legislation are that the lenders or lending assistants must:

provide a credit guide that discloses information about the lender, including all fees, charges, interest and commissions they will receive.
not provide, suggest, or assist with a credit contract that is unsuitable for the consumer.

No comments: