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Australia's Biggest Home Loan Sale

Are there any risks with changing to a smaller lender?

Mark Bristow
May 5, 2017( 1 min read )

A smaller lender is almost any institution outside of the big four banks (ANZ, CBA, NAB and Westpac). These include credit unions and building societies and ‘non-bank’ lenders. These lenders must follow the National Consumer Credit Protection Act 2009, which ensures the lender properly assesses whether a potential customer can realistically repay a loan, and that a specific standard if information is made accessible to potential customers.

They are regulated by the same bodies as the big four banks and many of them have been around for a very long time. The National Consumer Credit Protection Act 2009, and the regulatory framework under which financial institutions work are all in place to minimise any risk to consumers.

All participating lenders in the Sale have been in business for over 5 years, and actively lending to thousands of Australian home owners.

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