Key Fact Sheet for home loans to be deferred

In accordance with the recommendations of the Advisory Report of the House of Representatives Standing Committee on Economics, the Government has proposed amendments to the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Bill 2011 in the House of Representatives which defer commencement of the key facts sheet for standard home loans to 1 January 2012.

The amendments also change the provisions in respect of a borrower exceeding their credit limit by removing the buffer mechanism from the Bill, remove the strict liability offences and deal with pre-commencement consents for credit limit increase invitations. The strict liability offences for home loan websites are also removed.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.