Govt announces new rules for Buy Now, Pay Later

Consumer minister David Clark says from 2023 affordability checks will apply to BNPL loans. (Image: Getty)

Wed, 02 Nov 2022

The government is introducing regulations which will see the Buy Now, Pay Later (BNPL) sector covered by the Credit Contracts and Consumer Finance Act (CCCFA).Commerce and consumer affairs minister David Clark announced today that affordability checks will apply to Buy Now, Pay Later loans above the proposal threshold of $600. The threshold would see borrowers get the same kind of protection as those using credit contracts, such as credit cards and personal loans.Smaller loans under the threshold limit would not have to go through the same...

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