Political Watch
Information and news from government
ASIC releases new exit fee guidelines This month, ASIC released a new version of Regulatory Guide 220 Early Termination Fees for Residential Loans: Unconscionable Fees and Unfair Contract Terms (RG 220). The updated guide takes into account the effect of the National Consumer Credit Protection Regulations 2010 which prohibit termination fees for residential loans, subject to some exceptions. The effect of the regulations on RG 220 is that the RG 220 is now only relevant to credit contracts for residential loans: with early termination fees, that were entered into before 1 July 2011, or that contain early termination fees which are not prohibited by the regulations (eg break fees).
Government moves to protect tenants as well as property owners The ACT Legislative Assembly has this month passed a Bill that will help property owners protect their investments and provide greater rights to tenants to prevent unfair listings on residential tenancy databases, Attorney General, Simon Corbell said, “This legislation clearly sets out what breaches of a residential tenancy agreement can result in a former tenant being listed in a database, providing the tenant with greater protections against an unfair listings.” “The new laws also clarify how a person who has been listed can have the listing amended or removed, consistent with the Commonwealth Privacy Act provisions.”
This Bill also introduces new requirements on real estate agents and lessors to disclose to tenancy applicants the details of any databases used by the agency or the lessor, and to inform a tenancy applicant if he or she is found in a tenancy __________________________
New online tool gives the facts about land and housing supply WA Planning Minister John Day launched a new online application which is a one-stop shop for land and housing supply statistics. Mr Day said the new Urban Development Program Online: State of Land and Housing Supply combined information from industry and government to provide a clear picture of the planning and development pipeline that any individual