Westpac statement on changes to Australian Credit Laws

Westpac CEO, Peter King, welcomed the proposed changes to the Credit Act announced today by the Treasurer.

“This is a significant government initiative that will reduce red tape for consumers seeking a loan and importantly speed up the process for customers to obtain approval for a loan.

“These enhancements  would enable us to assess loan applications across specific lending products rather than a ‘one size fits all’ approach. We will be able to streamline our processes, making it an easier and simpler process for customers. It will also play an important role in ensuring access to credit for businesses wanting to invest and grow. SME businesses drive employment and this is very important for economic recovery.

“It is in our interest to only lend to customers who are in a position to meet their financial obligations. The Government proposal strikes a good balance between reducing regulatory burden on credit providers while ensuring we have rigorous credit processes in place.”