The Australian roadmap out of COVID19 needs to adjust the lending laws to support those who received Government financial assistance. Under current laws, those who have received Government support during the pandemic are finding this dramatically restricts or prohibits their home loan lending ability, due to no fault of their own. 

Over the past 18 months, many Australian individuals, sole traders and small businesses have seen a dramatic reduction in income, ability to run their business and loss of employment through no fault of their own. Regardless of your political preference, Australian Federal and State Governments have supported the people of Australia during the COVID19 pandemic. JobKeeper, JobSeeker, small business grants and the like have kept many financially afloat through the mandatory national, state, town and local lockdowns and numerous evolving restrictions in doing business.

Under current law, banks and lenders are required to follow legislation that was implemented with little thought of how a pandemic would impact those it was originally trying to protect. Hence, these restrictions or loan rejections are now affecting first home buyers, families moving home, sole traders, small business and those seeking to retire in the next few years. In some cases, it includes those who have recent pre approved finance.

The current Government legislation on lending is only continuing to restrict many Australian's efforts to economic recovery. A restriction Government imposed and has the power to change. Even a temporary change in this legislation would show belief and support in the ability for people to be part of the solution.

National lending laws need be amended to consider the Government's pre COVID19 mandatory requirements and the knock on effect it is having on individuals, families and businesses as we work together towards our country's economic recovery.