12 February 2025
The ABA welcomes the Federal Government’s move to have ASIC and APRA further clarify lending rules in relation to the treatment of HELP debts.
ABA CEO Anna Bligh said this was a constructive step and the potential to unlock more credit for prospective homebuyers could assist them in realising the dream of home ownership.
“Our industry welcomes this move and the clarity it will provide for banks when they are making lending assessments,” Ms Bligh said.
“Banks support responsible lending rules to protect borrowers and ensure they can repay their loans. However, there is always merit in carefully considered updates to regulatory guidance that may help some Australians safely access more credit.
“Whilst the challenges of reducing barriers to home ownership won’t be solved by one single factor, these clarifications should assist in unlocking more credit for some of those looking to enter the property market.
“We also welcome the clarification from APRA on lending rules in relation to pre-sold apartments. The ABA and our members stand ready to work with regulators on these updates.”
Latest news
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »