Credit rule changes won't make much difference: NZBA

Thu, 09 Jun 2022

Changes to the Responsible Lending Code and the regulations associated with the Credit Contracts and Consumer Finance Act (CCCFA) won’t make much difference for most people seeking credit, says the New Zealand Bankers' Association.The changes were a response to the industry outcry over amendments to the CCCFA which came into force from Dec 1 last year and have led to a marked slowdown in lending.Reserve Bank data shows there was a net $1.38 billion in new mortgages loaned in April, down from the $2.96b loaned in April last year.&ldquo...

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