The Australian Federal Government is attempting to loosen the credit restrictions in an attempt to encourage lending in Australia.
Lending has been difficult for many in the past because of tighter credit restrictions. Stringent lending practices have been the reason for many for not being able to start their business or not able to purchase the house they wanted.
The Government is trying to simplify the lending process by eliminating the doubling up of regulators on banks and helping banks avoid court disputes. This would mean banks might be allowed to go through the application on a case by case basis.
This will indeed affect the real estate industry, which will be one of the primary beneficiaries of this new law.
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