Homebuyers: the bank is still watching your spending

Mortgage rule changes aren’t a home run for borrowers. (Image: Getty)

Thu, 07 Jul 2022

From today, anyone applying for a mortgage will get a slightly easier time of it. And not a moment too soon. When the Credit Contracts and Consumer Finance Act (CCCFA) came into force in December, it slammed the brakes on a lot of mortgage lending. Some of the hurdles were quite clearly silly. People were denied lending for ordering Uber Eats or getting a café coffee, even when they could afford it. The problem was banks trying to filter what counted as “irresponsible spending” that could see them accused of le...

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