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New era of responsible lending begins

Vulnerable consumers are set to be better protected as the government’s new responsible lending rules come into force this week.

Friday, June 5th 2015, 6:42AM 1 Comment

by Miriam Bell

The Credit Contracts and Consumer Finance Amendment Act and its accompanying responsible lending code take effect from June 6.

Minister of Commerce and Consumer Affairs Paul Goldsmith said it was the start of a new era in consumer lending.

From Saturday on, all lenders must meet responsible lending obligations and all consumers must have access to better information to help them make better borrowing choices.

Goldsmith said the new legislation gives greater protection to consumers borrowing money and helps ensure they can afford to repay the money they are borrowing.
Under the new law:

  • Lenders must comply with new responsible lending obligations and those that repeatedly breach the new law can be banned from lending.
  • Lenders will need to make information about their fees and interest rates publicly available, making it easier for consumers to compare rates and fees before borrowing money.
  • Repossession agents will need to be licensed and there are new rules prohibiting repossession of essential household items such as beds and heaters.
  • Credit card billing statements must include a minimum repayment warning.

Goldsmith said there will now be harsher penalties for lenders who don’t follow the rules, which will be enforced by the Commerce Commission.

“Our intention is not to impose unnecessary compliance costs on lenders who are already lending responsibly, but rather to provide additional protection from lenders who engage in predatory practices.”

Banking and mortgage sectors representatives have welcomed the new legislation  – although they have warned that regulators will need to be vigilant in enforcing it.

Tags: Responsible lending

« New LVR rules to cut Auckland house price inflationOne economist calls for OCR cut this week; others say wait »

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Comments from our readers

On 15 June 2015 at 2:06 pm whitewabbits said:
We have been wondering for years why New Zealander lending institutions will not allow debtors to repay their debt daily on a daily calculation not a monthly repayment calculation. In UK and Europe we experienced HSBC banking, that was repaid daily, not just calculated daily and repaid monthly.

I think this would assist debtors to repay creditors a lot faster. Poor creditors, I know, they will suffer. Creditors have been raking in the money for years now, let the debtors have an opportunity to reduce their debt and work towards the "have" minority. Why cant we repay our debt calculated interest daily?

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

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