CCR was introduced in Australia in 2014. This is a shift from a negative reporting system to a positive reporting system. However, up until now it has not been mandatory for lenders to adhere to the CCR guidelines. That has NOW changed for the big 4 banks.

With multiple lenders and hundreds of ever changing mortgage products available, finding the home loan to suit your individual needs is not only a complex process it usually requires shopping around. This has resulted in more and more home buyers turning to mortgage brokers for expert assistance.

Now, in 2018, the focus of the regulator is the accuracy and verification of borrower income and spending information in support of loan applications.