Home » CHANGES TO LENDING LEGISLATION FAQs

CHANGES TO LENDING LEGISLATION FAQs

May 17th, 2023

Everything you need to know.

So new lending legislation and regulations are due to come into effect soon. But what does this mean? We thought you’d never ask!

Sometimes it can be confusing, but don’t worry we’ve got you. We want to provide simple and stress-free guidance, so we have broken down a few common questions and alternative options to help you understand the new lending changes better.   

• What do the new lending regulation changes mean for me?

It means that once the changes come into effect, it may become more difficult to be approved for small loans $2,000 and under.  

Some of the recent changes include certain restrictions on the percentage of net income that a customer can dedicate towards repayments under small amount credit contracts. That restriction is currently set at 10%.  

So, if you are in this bracket, you may find that you are not eligible for those same small loans you’ve previously taken with a lender.

• What are my alternative options?

Nimble has a range of simple, fast, stress-free ways to borrow, including Personal Loans, from $2,050 and our Nimble AnyTime revolving line of credit, up to $10,000.

Apply once with AnyTime and, if you’re accepted, use your balance over and over without needing to reapply. You can also shop online, tap and pay in store or transfer money straight into your account.* 

• What if I am affected and I no longer qualify?

Please note that these changes only relate to small amount credit contracts (our Small Loans up to $2,000).  You may wish to consider our other credit products such as Nimble AnyTime or our Personal Loans.

Key Takeaway

In short, we’ve still got something for everyone. Whatever you need we’ll keep you Nimble!

Got more questions? We’re here to answer! If you don’t see your question here, call us 133 156 to chat to one of our friendly customer service representatives. 

Disclaimer:

Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

*Terms, conditions, fees and charges apply, and are subject to change. Applications are subject to Nimble’s credit approval criteria. Redraw not available. Funds will generally be transferred within 60 minutes of the loan contract being signed between 9:00 am and 4:30 pm AEST on business days. Clearance times are subject to your bank. Nimble AnyTime is a Continuing Credit Contract. As long as you pay on time each month, you’ll have access to your available balance continuously, without the need to reapply. Usage of the Nimble Anytime Virtual Mastercard is subject to the Nimble AnyTime terms and conditions. Clearance times on cash advances are subject to your bank and the time of your request.  Mastercard and the Mastercard brand mark are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.

Brigid Davey