Money Magazine December- Best of The Best Edition
In this edition of Money Magazine, Jack Talbot discusses the unforeseen impacts to new borrowers as a result of rising interest rates in the market. New legislation has been implemented into home lending in the form of NCCP (National Consumer Credit Protection Act) and BID (Best Interest Duty.) Most of this has been implemented in the last 10 years. Noting that Australian's haven't seen an interest rate increase in 13 years, particularly this short and sharp, a lot of this legislation hasn't been stress tested in this market, which is creating some issues.
See a copy of the article below: