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
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »
The ABA welcomes today’s release of draft industry designations and framework for scams code obligations for banks, telecommunication companies and digital platforms – reinforcing the importance of an ecosystem approach in the fight against scammers. ABA CEO Simon Birmingham said the draft materials were the next piece of the puzzle in ongoing efforts to drive… Read more »