ACT Leader David Seymour welcomes moves to improve New Zealanders’ access to finance.
“Kiwis looking to secure a better future for themselves and their families currently face significant barriers to accessing finance,” says Mr Seymour. “Whether it’s borrowing to buy a home, borrowing against a mortgage to start a business, or even taking out a small loan to fix a vehicle, red tape introduced by Labour means the loan approval process is slower, more costly to administer, and involves intrusive checks on personal finances.
“The Government’s announcement today that it will revoke Labour’s so-called ‘affordability’ regulations is an important first step to delivering on ACT’s coalition commitment to rewrite the Credit Contracts and Consumer Finance Act to protect vulnerable consumers without unnecessarily limiting access to credit.
“ACT stands by the right of a Kiwi and their bank to agree to the terms of a loan that equips the borrower with the capital to achieve their ambitions. Labour was too eager to see mutually-beneficial agreements as a conspiracy against borrowers, and, ironically, making it harder to borrow from the bank drove would-be borrowers into the arms of high-interest loan sharks.”