The founder of Aussie Home Loans says lending laws are already effective as ASIC seeks changes to tighten up “responsible lending”.

The banks are pushing back against the corporate regulator’s proposal to change the rules around “responsible lending” when it comes to credit risk.

Aussie Home Loans founder John Symond tells Ross Greenwood tighter regulations could lead to too many credit applications being denied.

“We’ve always been responsible lenders as a country… and to make it even tougher is going to make it even tougher for the consumer.

“I think everyone acknowledges that there are always cases where a lender… hasn’t done their homework properly and are very sloppy.

“On the other side of that, there would be millions of credit applications that were very, very, good.”

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