Australia’s Reverse Mortgages Find New Regulation
As first reported on Reverse Mortgage Watch, our friends to the South (or North, depending on where you stand) are adding fresh regulation to Australia’s reverse mortgage industry. As reverse mortgages are the only “discriminatory mortgages in the country, beyond military based loans, considering further oversight to protect our seniors from predatory lender practices is fair game.
The Federal Government yesterday released a Green Paper on the impending federal regulation of the credit sector. This discussion paper indicates that ASIC will soon regulate the provision of reverse mortgages to senior consumers.
The Green Paper outlines a way forward for the Commonwealth and states to transfer the remaining financial services regulation from the State level. Under the plan, delivered by the the Hon Nick Sherry, Minister for Superannuation and Corporate Law, financial services including mortgages, mortgage brokers, margin lending, non-bank lending and trustee companies, will move to the Federal level. Full Story
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