Mortgage Business
Treasurer urged to clarify reverse mortgage changes By Annie Kane 08 February 2021
A Senate committee has called on the Treasurer to provide further guidance and detail around some of the responsible lending reforms, including the provision of reverse mortgage credit assistance.
In December 2020, the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 was introduced into Parliament, setting out legal amendments relating to consumer credit and consumer leases, the controversial proposal to extend the best interests duty to more credit assistance providers and the removal of responsible lending laws for all but small credit contracts.
The bill was referred to the Senate economics legislation committee for review in December, with the Senate expected to report back to the chamber