The Government is proposing to significantly weaken Australia’s protections that exist to stop banks and other lenders from selling unsafe and unaffordable loans that cause harm to people, families and our wider economy.
These laws were introduced following the Global Financial Crisis to help level the playing field between individuals, banks and other lenders. The reforms provided critical consumer protections that deterred lenders from providing unaffordable and unsuitable loans, and offered redress for people when those laws were breached.
The strength of our lending standards is one of the reasons our economy has been able to withstand record high levels of household debt. Repealing these protections in the midst of a recession is madness. Click here for more information.
Reference: https://debtdisaster.consumeraction.org.au/why-we-need-to-save-safe-lending/
