CHOICE has contributed to a joint submission to the Senate Economics References Committee's inquiry into Australia's financial regulatory framework and home ownership.
The Committee has been broadly directed to consider whether existing laws are conducive to help people achieve the goal of home ownership in Australia.
Our submission primarily focuses on the risks if people financially overextend themselves to buy a property in a very expensive market. We emphasise the importance of the existing safe lending laws, which set a basic, but fundamental obligation for lenders to ensure they do not sign people up to mortgages people cannot afford to repay.
We also make a range of recommendations aimed at making the home loan market deliver a fairer deal for borrowers, and provide better protections to people if they fall into a temporary difficult life period.
Download the statement (PDF)
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