Lending Boom in Australian Market
October 4, 2020
Are you ready for a lending boom In the Australian Market?
This is good news for Australian home buyers. As the lending market is booming again.
As per sources, Our Prime Minister Scott Morrison is all set to inject a well needed “Adrenaline shot” to boost our economy.
The shift is under planning by Treasurer to ease the liability on banks over bad loans, to the borrower.
Moreover, the government will work on protecting vulnerable borrowers from payday loans, etc.
The deregulation of existing laws will give a massive help to Small businesses which had a rough run for the past 6 months in this Pandemic.
Great News for homebuyers, who will also likely be among the biggest winners. The banks will aim to reduce approval times and will be more logical in valuation.
It will be a Win-Win situation, Banks will definitely welcome the news as that will help them recover too from the slow run in the past 6 months.
Our Treasurer said that lending laws had become so bizarre that borrowers were forced to justify their everyday spending even on such minor expenditures as a Gym membership or Netflix account.
The burden of regulation has been increasing and with it has come more hindrances for the consumer making it harder for them to apply for a loan.
Mr. Frydenberg wrote.
“From what started a decade ago as a principles-based framework to regulate the provision and consumer credit has now evolved into an overly descriptive, complex, costly, one-size-fits-all regime.”
The easing of lending rules will bring a well-needed boost in our economy and create more jobs.
More individuals and young people will be able to enter the property market and own their dream home. However, the enactment of new legislation. The onus will be on borrowers for “Responsible Borrowing”.
Banks will embrace this opportunity and will be simply able to make their assessments and credit decisions based on the information provided by the borrower.
However, moving forward borrower will have more responsibility turning the risk from banks “Responsible Lending” to Borrower “Responsible Borrowing”.
Master Builders Australia chief executive Denita Wawn said the alterations would be the most significant in decades. “This is a structural game-changer”.
Borrowing sensibly will be the key, own your actions, borrow the amount you can afford, and do not over commit by simply getting tempted.
Are you over-committed to debts? Are you Struggling with your current repayments and don’t know what to do?
Learn more about Lending Market
Our experienced team will analyze your financial situation and advise you. We will work on your behalf to negotiate your existing debts, save you the hassle and $$$ interest.
In some cases, we can save you up to 90% of your total debt amount without having a black mark on your credit.
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