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Simpler lending rules for home loans and credit to free up the economy Customers will be promised faster access to loans under simpler rules that aim to free up credit and lift the economy by ending confusion over lending obligations for banks and finance companies. Treasurer Josh Frydenberg will overhaul the laws governing mortgages, personal loans, credit cards and payday lending to streamline decisions on whether customers can afford the loans they seek. Treasurer Josh Frydenberg will overhaul bank lending rules to make it simpler to decide mortgages and credit card lending.CREDIT:ALEX ELLINGHAUSEN The changes respond to growing concerns over court disputes and the duplication of regulators in home and personal lending, sparking fears that restrictive rules on credit would curb economic growth. With the government preparing to unveil tax cuts and spending measures in the October 6 budget, the lending reforms are intended to improve access to credit fro…

Old home loans costing Aussies 'thousands' by not switching By Stuart Marsh • Senior Producer Australians with older home loans are missing out on thousands of dollars in savings, a new report has found. The Australian Competition and Consumer Commission (ACCC) today submitted its final report into the Home Loan price inquiry. It found that borrowers are potentially spending far more money than they need to by not seeking a lower rate from their existing lender or switching to a new lender. The Australian Competition and Consumer Commission (ACCC) today submitted its final report into the Home Loan price inquiry. (Supplied) "A significant number of Australian home loan borrowers have not switched lenders for several years, yet they stand to save so much money by doing so," ACCC Chair Rod Sims said. "There are factors standing in the way of home loan borrowers switching lenders, such as a lack of clear and transparent pricing, as well as inconvenience …