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Fears of a debt disaster as property market runs hot and changes to safe lending laws loom – ABC News
Consumer groups fear that axing safe lending laws during a pandemic could prove risky, fuelling an overheating housing market and leading to a situation where borrowers…
Jacob had big dreams before the global financial crisis.
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.
But the lender would not give him leeway and started charging higher interest and default fees.
“All they said is, ‘When are you going…
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