It’s the moment many will have been nervously anticipating since rates started to rise in June last year – those who choose the cheapest rate on offer, which happened to be a 12 month term, will be refixing their terms.
Save it for later: The CCCFA revisited
The already-infamous CCCFA was implemented in December 2021 with the view to stop predatory lending practices. It went a bit further than that, and banks were refusing to take chances when there was a $200,000 personal fine for anyone found at fault. Lending, unsurprisingly, slowed right down in the lead-up and after implementation.
