Business
Senate committee backs plan to roll back responsible lending rules, citing home-loan approval delays – Domain News
Property prices are soaring and a new change could make it even quicker and easier to get a home loan, prompting expert warnings of risk to borrowers and further…
Responsible-lending rules could soon be rolled back, after a government report warned home loan approvals were taking too long and were too invasive.
A Senate committee argued the change would not undermine consumer protections, saying the principle of responsible lending was still embedded in other bank regulation.
The findings are in stark contrast to calls from consumer advocates to keep the rules, amid worries the changes would allow borrowers to take out loans they could not afford, with banks…
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