Australians will be asked to cut on some expenditures, such as private education, before borrowing money.
From Monday 9 December (2019), the "new responsible lending guidelines" compiled by the Australian Securities and Investments Commission (ASIC) came into force.
This is a series of indications addressed to credit institutions, on what to take into consideration when analyzing the financial situation of those requesting a mortgage.
According to new guidelines, credit institutions should request cutting some family expenses before granting a mortgage, such as private education for children or a subscription to Netflix.
University of NSW finance professor Massimiliano Tani discussed the measure and the latest around Economy in Australia.
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