Changes to hardship rules announced for home lenders
28 April 2009
The Australian Government has announced that it is easing the thresholds for financial relief. Now those with home loans up to $500,000 (up from $312,400) will be able to gain legal help with their negotiations with their lender.
This is welcome news and comes after the announcement by the top 4 banks that they will also give home lenders who lose their job extra time to make repayments.
Senator Sherry said "We don't believe that either the current amount or the way it's calculated is in the best interests of hard-working families, so we're increasing the threshold to $500,000."
The changes to the National Consumer Protection Bill 2009 have been released for public scrutiny.
The changes are expected to take place when the National Consumer Credit Protection Act is given consent on 1 November 2009.
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