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tasmania news pageheader 2018

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Lending laws overhaul

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It will soon be easier to get a loan from the bank as part of a lending laws overhaul.

Laws governing mortgages, personal loans and credit cards have been reassessed and address excessive risk aversion.

Federal Treasurer Josh Frydenberg says a free flow of credit is critical to the economy.

Adrian Kelly, President of the Real Estate Institute of Australian, thinks Tasmanians will benefit greatly from this news.

"Given Tasmanians earn less, this is welcome. It will provide certainty for home buyers across the state - those out of the capital city and bigger population centres. So it's good news for Tasmanians."

He says it will make it easier for first home buyers.

"We've all seen stories of potential buyers about having to provide Uber Eats receipts and things like that so this new legislation will remove the one-size-fits-all blanket approach and gives the banks much better ability to see the cases on a one-on-one basis," he said.

However, consumer groups are worried an overhaul to lending laws will harm bank customers and the economy.

Financial Counselling Australia says the reforms open new opportunities for banks to aggressively sell debt.