Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Lenders given more investigation powers

By Staff Reporter
15 October 2009 | 1 minute read

Lenders have been given the ability to conduct a more thorough review of a borrower’s repayment history.

Advertisement
Advertisement

According to today’s The Australian Financial Review, the government has announced changes to the Privacy Act which will allow lenders to find out the opening and closing date of an account, a borrower’s credit repayment history and credit limits.

The ability to look at a borrower’s credit repayment history will be made available following the introduction of the National Consumer Credit Protection Bill.

Current privacy restrictions stop lenders from seeking payment history details, as credit reports can only record the basic identification details of borrowers, their credit applications and any negative events such as defaults or bankruptcies.

The changes to the Act follow recommendations made by the Australian Law Reform Commission last year, in a report that called for the complexities of the Privacy Law to be simplified.

 

Lenders given more investigation powers
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.