{"id":21106,"date":"2019-09-19T06:49:53","date_gmt":"2019-09-18T18:49:53","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=21106"},"modified":"2019-09-19T06:49:53","modified_gmt":"2019-09-18T18:49:53","slug":"law-change-to-save-homeowners-40k","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/law-change-to-save-homeowners-40k\/","title":{"rendered":"Law change to save homeowners $40k"},"content":{"rendered":"

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PHOTO:\u00a0All four of the major banks are now involved in the Comprehensive Credit Reporting regime. Picture: AAP\u00a0Source:AAP<\/em><\/span><\/strong><\/p>\n

Millions of Aussie homeowners will be able to save thousands of dollars through sweeping changes to the credit reporting system and mortgage holders are being advised to take swift action.<\/p>\n

Aussie homeowners stand to save an average $40,000 over the life of their mortgages under new credit reporting laws introduced by federal government.<\/p>\n

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The savings will work out to about $112 per month for the average mortgage holder with a 25-year loan, according to consumer advocate group creditsimple.com.au.<\/p>\n

The group\u2019s CEO David Scognamiglio said the introduction of Comprehensive Credit Reporting will be a game changer for mortgagees because banks will see the positive records of millions of homeowners for the first time.<\/p>\n

Banks could previously only judge how much they could lend property buyers based on their negative credit score, he said.<\/p>\n

\u201cGood qualities like paying their credit card or car loan on time were never included,\u201d Mr Scognamiglio said. \u201cThis gave an unclear picture on what they could actually afford to borrow.\u201d<\/p>\n<\/div>\n

https:\/\/www.instagram.com\/p\/B2iTuQNl8Ki\/?utm_source=ig_web_copy_link<\/p>\n

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READ MORE VIA NEWS.COM.AU<\/p>\n