Say Goodbye to Lending restrictions

For all you buyers out there who have been affected by the CCCFA lending restrictions, the good news is on the way.

The Government has proposed a massive revamp of this unpopular policy, announcing that they intend to ease the existing lending rules and reduce the risk of lenders interpreting the rules too conservatively.

The idea here is to make funding more accessible without undermining the act's original intention to protect vulnerable borrowers.

This is all off the back of widespread complaints from borrowers finding their loan applications suddenly declined by lenders have been reported since new Credit Contracts, and Consumer Finance Act (CCCFA) rules commenced on 1 December 2021.

This will be music to many first home buyer's ears. Only time will tell what effect this will have on the market.

Read more about it here: