Federal Treasurer Jim Chalmers has called on Australia’s regulators to help make it easier for Australians with student debt to take out a mortgage and buy a home.
In a statement released on Wednesday (12 February), Chalmers confirmed he had instructed both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) to update their guidance regarding the way Higher Education Loan Program (HELP) debts are treated by lenders.
Currently, responsible lending rules require lenders to assess student debt in the same way as they would any other debt, such as credit card debt or a personal loan.
This is despite the student debt not needing to be repaid if the holder is unemployed or…
