There are credit laws in Australia that financial institutions must abide by. The Australian Securities and Investments Commission (ASIC) is the federal government regulator for consumer credit and finance broking in Australia. When a business offers or is involved in dealing with consumer credit products in Australia it generally needs either a credit licence or an authorisation from a credit licensee. Consumer credit products cover a range of financial products including, but not limited to, credit contracts, consumer leases, mortgages and guarantees, and other credit services.
Rates on hold but market still awash with home loan bargains
The RBA has this afternoon announced that rates will remain on hold for the moment but banks are continuing to offer low interest rate deals for ideal borrowers with big deposits.