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Government has another go at tweaking CCCFA
Thursday 13th of April 2023
The latest changes announced just before the Easter weekend by Commerce and Consumer Affairs Dr Duncan Webb include:
- explicitly excluding discretionary expenses from affordability testing;
- providing more flexibility for lenders about how certain repayments are calculated; and
- extending exceptions from full income and expense assessments for refinancing of existing credit contracts.
Webb says the changes that come into force on 4 May will improve safe access to credit for Kiwis.
“Whilst not departing from the original policy aim to ensure borrowers can repay loans without hardship, this tidies up the December 2021 changes to the CCCFA and Credit Contracts and Consumer Finance regulations,” he says.
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