Changes taking effect this week should remove some of the emotion that drives people to act as a guarantor on a loan being taken out by a child or loved one, the Australian Banking Association says.
The cooling off period can be waived if a customer has evidence they have received independent legal advice.ABA chief executive Anna Bligh said the change, part of a wider overhaul of the banking code of practice, would mean that customers couldn't sign up as a guarantor at the point of sale, when their judgment was at risk of being clouded by emotion.
"There’s a lot of emotion at that moment, when one of your children wants to buy the motorbike,” she said.
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