In the wake of the COVID-19 pandemic, the Federal Government has introduced a bill to reform the responsible lending laws, to make it easier for consumers and businesses to access credit.
The proposal aims to make the loan application process for borrowers simpler, and the lenders’ responsibility to assess and verify a borrower’s ability to repay a loan will be reduced.
Roland Bleyer is the founder of Australia’s leading independent financial comparison site Credit- World, that specialises in personal loans.
He says with these proposed changes, it’s important that consumers borrow responsibly.
“With this law taking effect, when they do, it’s going to be important to become a responsible borrower. You got to be conservative in your decisions about the loan. And always, with any borrowing decision, you’ve got to compare to get the best possible deal out there. You’ve got to consider the potential for rate rises if it’s not fixed."
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