realestatebusiness logo
Subscribe to our newsletter SIGN UP

Lenders given more investigation powers

15 October 2009 Reporter

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

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
lawyersweekly logo
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
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.