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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…

Home loan customers may need to pay mortgage brokers to save money y business reporter Daniel Ziffer Posted SatSaturday 9 FebFebruary 2019 at 6:07am Almost 60 per cent of Australians use a mortgage broker to arrange their home loans.(AAP: Lukas Coch) Borrowers may have to pay an upfront fee when their home loan is arranged, in a move applauded by consumer advocates but which mortgage brokers say would devastate their industry.

The new fee, one of the most contentious changes recommended by the final report of the Hayne royal commission, would kill off one of the key methods brokers are currently paid — an arrangement commissioner Kenneth Hayne rubbished as "money for nothing".

Currently, most brokers are paid an upfront commission by the bank that finances the loan. The banks then also pay an ongoing fee, called a trail commission, over the life of the loan.

Under the comm…