Fears of a debt disaster as property market runs hot and changes to safe lending laws loom
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FriFriday 12
MarMarch 2021 at 7:24pm
Before the global financial crisis, Jacob wanted to develop his then property in the Tweed Valley into a tourist lodge but the bank repossessed it.
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He wanted to develop his then property in the Tweed Valley into a tourist lodge.
But in November 2009, he had a serious accident on the farm tractor and could not work.
He asked his lender at the time who he had taken a high-risk low-doc loan from to let him defer mortgage repayments until he could resume work.
The Senate economics legislation committee has recommended that the bill extending Best Interests Duty to more brokers be passed. The committee has released its final report for its inquiry into the
The Treasury has outlined its position on why the repeal of responsible lending is necessary, in the final day of Senate hearings for its inquiry into the matter.
MPs highlight broker concerns in Parliament debate
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The Member for Fisher says brokers back the bill repealing responsible lending laws, while the Opposition Whip told the house mortgage brokers oppose it.
Speaking in the House of Representatives during the debate for the second reading of the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 yesterday (25 February), politicians continue to voice the pros and cons of the ramifications of the proposed changes.
Among those speaking in the house was Liberal MP for Fisher, Andrew Wallace, who outlined that the repeal of responsible lending laws was needed to free up credit and “replace the increasingly complex guidance provided by regulators and to get the flow of credit moving again”.