Westpac wants more material credit law changes

Chief executive Catherine McGrath said each home loan is taking longer since the changes. (Image: Getty)

Tue, 10 May 2022

Westpac New Zealand thinks the changes the government is proposing to make to the Credit Contracts and Consumer Finance Act (CCCFA) are just tweaks and that much broader changes are required."Whilst we welcome the direction of travel, we don't think it's going far enough," chief executive Catherine McGrath told BusinessDesk.A "one-size-fits-all" policy, such as the CCCFA, isn't the best way of ensuring customers can afford their loans, McGrath said.Westpac is "completely behind the spirit of the act", t...

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