Simpler lending rules for home loans and credit to free up the economy

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.

Source: Financial Digest (financialdigest.net)

CroweDM I’m old enough to remember when debt was frowned upon. No one wanted to touch with a bar of soap unless they had to. Now the government wants us to load up in spades so they can achieve their “growth” and “recovery” fantasies. These are sad and desperate times.

CroweDM Criminal. This is how the GFC started. Have they forgotten the banking royal commission? This will hurt good people. LNPfail auspol

CroweDM A very slippery slope

CroweDM Time to make amends for the Royal Commission. Let the (loan) sharks loose to feed on the carcases of the vulnerable in this mortally wounded economy. Those higher up in the food chain and their minders will get fat on it. It's the LNP (Larcenous Nefarious Party) way.

CroweDM Fantastic, fossil fuels have got a kick along, Ruperts got an injection of cash, billionaire party donors are getting ten times what their lands worth and now the banking sector gets a helping hand to get some dodgy loans going, again. The Morrison Govt. helping the battlers.

CroweDM Amazing how many people don’t understand the role of credit in society, and how the RC put a brake on the economy.

CroweDM When asked for a response to her love child’s behaviour, Margaret was surprisingly candid.......🙏

CroweDM That's it. Only one thing for it. Time to become a LiberalAus Donor.

CroweDM It ought to be up to customers to decide whether they can afford the loan they seek not up to a third party.

CroweDM More debt. The modern solution to every problem.

CroweDM This is insane and a hugely cynical move to prop up the housing market. Our private household debt is going to skyrocket with bad loans. This is going to bankrupt thousands and leverage our predatory banking sector on toxic debt that can't be paid.

CroweDM Haven't watched 'The Big Short'? JoshFrydenberg whatcouldgowrong 🤷

CroweDM Streamline debt.... good one LNP

CroweDM I Am So Old, I remember when loose credit rules created a Housing bubble & then a Financial crisis which resulted in trillions in bailouts for the banks paid by the taxpayer. I am also so old I know THIS time will be different.

CroweDM That sounds interesting. Please JoshFrydenberg look at the data Q’s in algorithms. Don’t base it on ‘how can you afford a nice bag, or a pair of sunglasses’ or job title. It’s crass and unreasonable. Base it on a variety of criteria. IMHO Definitely don’t take UK standards. Thx

CroweDM A complete disgrace. After the RC. And Austrac. The government's response is to remove responsible lending provisions? 'Hey, we wanted you to look after your borrowers. Now, nah, go for it... You guys seem to have your houses in order...'

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