ACT offers loan survey rejected by Labor


“A proposed investigation by ACT into the effects of recent changes to the Credit Agreement and Consumer Credit Act has been rejected,” said Damien Smith, spokesman for ACT Associate Finance.

“Since the law came into effect, we have heard from people in banking, mortgage brokerage and people trying to get credit. They have been frustrated with unnecessary red tape since it came into force on December 1.

“In one reported case, a man who asked to have his credit limit increased by $500 was faced with fifteen pages of forms, despite never missing a payment in the seven years he had the card. It is also reported that there could be an artificial credit crunch as the law slows lending across the board.

“People shouldn’t have to choose between Netflix or a mortgage.

“The Finance and Expenditure Committee considered the Credit Agreements Amendment Bill in 2019. Now this law is creating widespread headaches for people trying to get credit from their banks, and the Committee should ask itself why.

“ACT chief David Seymour has written to the committee and its chair, Dr Duncan Webb, asking that the committee use its powers to launch a review or, at the very least, request information on the devastation this What good is the Committee having such power if it does not use its powers to hear public concerns about the laws it has been involved in crafting?

“No one believed the law would affect everyone seeking credit, whether they were vulnerable or not, but that’s exactly what happened.

“The Minister has handed it over to the Board of Financial Regulators, which includes the Department for Business, Innovation and Employment (MBIE). MBIE are the officials who advised the Committee to pass this change in law in 2019. It should be Parliament that should seek testimony from industry professionals, rather than MBIE officials behind closed doors. This investigation must be independent.

“It’s time for our politicians to step up, take responsibility and fix the problem. The occasional flat white shouldn’t rule you out of the Kiwi dream of home ownership.

© Scoop Media

My God, as an academic argued on RNZ this morning, why don’t some politicians just go out and meet the protesters, listen to them and suggest a date to end the vaccination mandates. Like say, on June 6, he proposed. Well, if that happened, he was pretty sure everyone would easily pack up their tents and go home happy. Sigh. It must be nice to live in a world so cloistered that you might think the problems evaporate once reasonable people have had a reasonable discussion, thus arriving at a compromise that suits everyone. In this movie, reason will dispel anger, every time. (With Tom Hanks as Dr. Bryce Edwards!)…

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