‘Breaking News’ ASIC changes guidelines for switching to interest only loans
"ASIC has provided confirmation to lenders that a change from principal and interest to interest only repayments can be made if a consumer requests to reduce their repayments and in the short-term. ASIC has advised that these variations no longer trigger Responsible Lending obligations and contract variations can be agreed between the lender and the borrower. Nila Sweeney from the Australian Financial Review, published her exclusive overnight, for which I provided some insigh
