Responsible lending guidelines for customer-owned banks and mutuals

The Australian Securities and Investment Commission has released an updated document called RG 209,  which clarifies the responsible lending guidelines for all financial service providers under the National Credit Act.

RG209 – Credit Licensing: Responsible lending conduct – provides clearer guidance around responsible lending obligations following the somewhat ambiguous […]

12 million Australians should see their score improve
Comprehensive Credit Reporting (CCR) will make the Australian financial system more stable and introduce more competition into the $1.8 trillion mortgage and credit card markets.

By Tuesday 17 September, the mortgage repayment data of Australia’s big four banks is being provided to illion, enabling sharing between lenders. This will […]

Regional Australians outpace city dwellers on credit cards
Australians are cutting up their credit cards in droves but regional Australians have become the highest users of credit cards.

Credit Card Nation 2 found that while the overall number of credit cards fell by almost half a million in the 12 months to March 2019, regional Australia has […]

More than 32,000 Australians went bankrupt in 2017 – a 6.1% year-on-year increase, according to illion’s Personal Bankruptcy Analysis. The rise follows a 4.7% year-on-year hike recorded in 2016.”Consumer debt levels are rising steadily in Australia as a result of record mortgages and a surge in everyday essentials such as utilities, petrol and healthcare. These […]