Credit crunch: Mortgage brokers hit back at lending rule changes

A Stuff article.

Mortgage advisers have slammed new lending changes that make it harder for some buyers to access loans.

One adviser said potential borrowers were being treated as “imbeciles” who could not manage their own affairs, while another said a mortgage applicant was turned down because of takeaway and Lotto purchases.

Changes were introduced under the Credit Contracts and Consumer Finance ACT (CCCFA) at the start of December, which put extra requirements on lenders to verify that borrowers can afford a loan.

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