Finance & Fury Podcast

Welcome to Finance and Fury, the Furious Friday edition. In this episode – we will be going through the potential changes to the current Responsible lending laws that may occur next year – as these laws will either be watered down or completely removed -   As it stands - The government has plans to reform responsible lending laws to reduce “the cost and time it takes consumers and businesses to access credit” These proposals are part of the Federal Government’s economic recovery plan - to allow people to borrow more money without having to meet the current eligibility requirements – like serviceability of loan repayments So there are likely going to be some pros and cons to this – both for the individual and the economy at large – so lets break this down further To start with - what are the current responsible lending laws in Australia These are set out in the The National Consumer Credit Protection Act 2009 – these laws went into place after the GFC – to try and avoid a situation like what the US had with