The harsh reality of the new CCCFA law

by Fundmaster Official

}

Feb 18, 2022

 Chit-Chat Session with Ashley Church

New Credit Laws(CCCFA) and the First Home Buyer

The festive season of December, which was supposed to bring new hope and joy, distressed the kiwis with new legislation. As the government imposes strictness on the lenders so they, in turn, began putting a lot of pressure on borrowers. Amidst confusion and tension, Dev and Ashley came up with an interactive session whereby they shed light on this broiling issue.  

Ashley Church reflects on both sides of the situation. As per his viewpoint, on the one hand, the government introduced this new credit law to protect borrowers against unscrupulous lenders. On the other hand, borrowers are being rejected on loan applications by banks due to this legislation. Ashley’s contemplation on the grim situation indicates the loopholes persisting in the new law, and it’s high time government should review it.  

The lenders are filing petitions in protest, and meanwhile, Mr David Clark, Commerce Minister, hinted towards the bank’s limited measures to comply with lending rules. He even mentioned conducting an enquiry concerning amendment in the legislature. Clark’s statement has, though, offered a sigh of relief to the borrowers still; challenges are frustrating kiwis. 

Dev Dhingra, CEO & Founder at Fundmaster, considers that there are even underlying factors responsible for the bank’s rejection of customers’ loan applications. One such component is incorporating an expense calculator to assess whether a home buyer is overspending or not.  Dev opines that when new legislation is introduced concerning lending or borrowing, people take a back foot instead of dealing with the situation.  

Ashley believes that besides this CCCFA law, the Reserve Bank should remove some restrictions on loan to value ratios at least for first-time home buyers so that they can afford their dream home without much hassle.  

A positive approach can help overcome barriers put forward by any kind of market situation or laws. When making first home-buying decisions, it’s better to keep track of expenses to understand where and how to save for a house deposit. In this regard, Dev suggests that first-time home buyers should spend wisely and in case of any issues while structuring finances, consult a mortgage broker who can make things clear and simple for them.  

If you are one of those borrowers’ facing difficulties in getting a loan approval or are confused about how to deal with the legislation, please watch this video and share it with your friends. 

Join in

Leave a Comment

0 Comments

Submit a Comment

Your email address will not be published.

Fundmaster Insurance Mortgages Financial Services

Read some of our recent customer reviews.

We have been in business for the last 10 years and have helped thousands of customers over time. Check out some of these happy experiences of our customers

A big shout out to Dev, James and Farea and the whole team working behind the scene who really guided us at each and every step of this journey from the day we envisioned of buying a house to the day we moved in, making the whole experience seamless.

Supreet Singh

Home Owner

Fund master team are very knowledgeable and professional. They did refinance for my home loan which I was getting high interest rate before and now I got low interest rate. I asked many brokers but only provide me higher interest rate from banks. I am appreciated your work for find good interest rate which I was finding from my existing broker. Hope your team get more success in future.

Sandeep Singh

Mortgage refinance

Meet Our Team

We have an experienced team of advisers, focused on providing the best customer experience. You would be listened to and supported every step of the way.

Dev Dhingra

Dev Dhingra

Founder/CEO/Principal Adviser
dev@fundmaster.co.nz

James Oliver

James Oliver

General Manager
james@fundmaster.co.nz

Yash Kapoor

Yash Kapoor

Head of Digital
yash@fundmaster.co.nz

Jas Sahani

Jas Singh

Commercial Head & Mortgage Adviser
jas@fundmaster.co.nz

Harry Tsui

Harry Tsui

Head of Asian Division & Mortgage Adviser
harry@fundmaster.co.nz

Peter Singh

Peter Singh

Mortgage Adviser
peter.s@fundmaster.co.nz

Harjeet Singh

Harjeet Singh

Mortgage Adviser
harjeet@fundmaster.co.nz

Noor Dhatt

Noor Dhatt

Mortgage Adviser
noor@fundmaster.co.nz

Toby Yu

Toby Yu

Mortgage Adviser
toby@fundmaster.co.nz

Glen Almeida

Glen Almeida

Mortgage Adviser
glen@fundmaster.co.nz

Divya Gandhi

Divya Gandhi

Mortgage Adviser
divya@fundmaster.co.nz

Deepak Arya

Deepak Arya

Mortgage Adviser
deepak@fundmaster.co.nz

Raghu Kaushal

Raghu Kaushal

Manager - Loan Assessors
raghu@fundmaster.co.nz

Vidhant Aggarwal

Vidhant Aggarwal

Mortgage Adviser
vidhant@fundmaster.co.nz

Joseph Katta

Joseph Katta

Mortgage adviser
joseph@fundmaster.co.nz

Heena Claire

Heena Claire

Adviser Support Manager
heena@fundmaster.co.nz

Ekta Roy

Ekta Roy

Manager- Insurance Advisers
ekta@fundmaster.co.nz

Shubham Sharma

Shubham Sharma

Insurance Adviser
shubh@fundmaster.co.nz

Navdeep Kaur

Navdeep Kaur

Insurance Adviser
navdeep@fundmaster.co.nz

Blogs & Resources

Say Hello

Let us introduce you to helpful experts. We will set up meetings with a financial advisor who can offer you a range of mortgage, home loan and insurance options specifically tailored to your needs. Contact Us Now!

Working Hours

Monday – Friday
09:00 / 18:00

Contact Us

Name(Required)