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Under the National Consumer Credit Protection Act 2009, credit providers are required to lend responsibly. This means that before lending, the credit provider must assess the suitability of a loan for a borrower, which involves an assessment of the borrower's capacity to repay the loan as well as an assessment of the extent to which the loan will meet the objectives and requirements of the borrower.
A recent report raised concerns about the erosion of retirement income by ongoing rental or mortgage payments. The report by the Australian Institute of Superannuation Trustees is timely, given the Australian aged pension system is predicated on an assumption of outright home-ownership. Yet increasing numbers of people are still paying mortgages after retirement, use superannuation to pay off mortgage debt, or do not own a home and must rent.
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