This is going to underpin the rebound in our property markets in 2021.

This is going to underpin the rebound in our property markets in 2021.

You’re probably very familiar with the term "responsible lending” these days – after all, the Royal Commission hammered home the point that banks weren’t being "responsible lenders” for most of 2019.

Now, the government has done something of a backflip on their previous stance, which has the potential to drastically change your access to finance.

In a nutshell, Federal Treasurer Josh Frydenberg has announced sweeping changes to remove some overly restrictive responsible lending rules.

The goal is to make borrowing easier and more efficient for everyday Australians, in an effort to boost demand for credit and stimulate the economy.

You see, if people sit in fear at home, saving every penny for a rainy day (now that we know just how dire a rainy day can be), then the economy will stall even further.

People would spend less money in cafés, restaurants, and shops; further jobs would be lost; the recession would deepen.

The government wants to avoid this type of situation at all costs, so what the Federal Treasurer is trying to do is to encourage people and businesses to spend and borrow money: it’s one of the most effective ways to get the economy kick-started again.


Right now, at RealRenta Join now and get 50% off the normal low price:

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Jason Gwerder
Friday, 9 October 2020

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