The proposed changes to the CCCFA came into effect on July 7, 2022, addressing some of the challenges that borrowers have faced since the code was first enacted in December 2021. Home buyers who were previously blocked from lending under the original code could now find themselves with borrowing capacity. And while they will still need to show how spending and saving is controlled in their budget, the CCCFA amendments could make things easier for first home buyers trying to get into the property market.

The changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) announced by the Government earlier in June 2022, are due to come into force from July 7, 2022, with amendments to how lenders are required to assess affordability and more clarity around investments and savings as outgoings.