BNZ Welcomes Changes To Affordability Rules

BNZ welcomes changes to the Credit Contracts and Consumer Finance Regulations and an update to the Responsible Lending Code.

The changes, announced by Commerce and Consumer Affairs Minister Andrew Bayly, are designed to give lenders more flexibility in how they assess consumer loan affordability, while still ensuring responsible lending practices.

James Leydon, GM Home Lending Product says, "At BNZ, we're committed to supporting our customers' financial aspirations. Whether you’re buying your first home, upsizing for a growing family, or undertaking your dream reno, we’ll be able to assess your loan application with more flexibility, in line with the updated Responsible Lending Code.

“By giving lenders more flexibility in assessing loan affordability, we can better serve New Zealanders. This approach ensures that creditworthy customers aren’t unnecessarily held back by prescriptive affordability requirements. This will help unlock opportunities for many, without compromising our responsible lending obligations.

"We look forward to implementing these changes promptly when they take effect on July 31st, ensuring our customers can benefit from a more streamlined lending process as soon as possible."

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