An overhaul of consumer credit rules will make it easier for people who lose their job to envoke a “hardship” clause to seek relief from demands to meet mortgage and other loan replayments. The threshold for people to qualify for financial hardship will be increased from $312,400 to $500,000.
The aim by the government is to help people to keep their home even if they have lost their job. The four main banks have signed up to the scheme. This is a great step forward by the government and the banks so long as it is not to dificult for those that are in hardship to secure the payment break tht they may require.
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