The federal government announced a big win for would-be buyers in Australia — it plans to overhaul the restrictions that have hindered many homebuyers from accessing finance.
Federal Treasurer Josh Frydenberg said while credit has become cheaper due to the low-interest rates, many would-be borrowers are still prevented from accessing finance due to tight regulations.
"The flow of credit will be absolutely critical to our economic recovery. But our current regulatory framework, with respect to lending, is not fit for the purpose. It has become overly prescriptive, and responsible lending has become restrictive lending," Frydenberg said in a statement to the media.
Graham Wolfe, managing director of HIA, said the government's plan would allow millions of dollars to be injected into the economy at a time when Australia needs it most.