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Opinion: Why change isn't always a good thing

August 19, 2024

Government lending code changes come with risks, expert warns

There's growing concerns from expert as the Government rolls back some restrictions needed to take out a loan.

From today, The Government has removed affordability regulations from the Credit Contracts and Consumer Finance Act and updated the Responsible Lending Code.

Money Sweetspot co-founder and CEO Sasha Lockley says relaxing these requirements means more people are at risk of getting into debt that they can't afford to pay back.

Sasha says:

"People believe what banks and finance companies tell them around affordability...and if you go to some of the bad actors in this financial system, they may say - yes, absolutely you can afford it, when actually, people can't."

Listen to her interview here

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