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Consumer Benefits - Credit Reform

How the proposed consumer credit laws will benefit consumers

  1. Protect consumers from being offered loans that are clearly unsuitable for them or that they cannot afford to repay
  2. Enhance consumers’ understanding of credit products by greater disclosure of information, including fees, charges and commissions
  3. Increase the maximum threshold for mortgage hardship cases from the current $312,400 to $500,000 and puts in place a new, flexible power to raise this further as needed
  4. Assist consumers to make informed choices by creating a more level playing field on access to information between the consumer and the lender or broker
  5. Ensure consumers receive reliable credit services from suitably qualified and competent persons
  6. Protect consumers in borrowing for residential investment property
  7. Provide a national regulator, ASIC, with enhanced powers to enforce responsible lending conduct standards
  8. Give universal access for consumers to low-cost external dispute resolution schemes
  9. Provide the option for the first time of opt-in, tribunal-like access to the Federal Magistrates Court
  10. Provide comprehensive regulatory coverage of the credit industry for previously unregulated sectors such as mortgage brokers
  11. Broaden criminal and penalty sanctions to safeguard industry standards
  12. Enhance consumer protection through improved access to consumer remedies
 

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