Major changes to HECS home loan rules

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…

4 debt forgiveness myths to know now

Myths about debt forgiveness can lead to misguided expectations about what it can and can’t do. Getty Images Debt forgiveness programs can help consumers in debt work toward regaining their financial freedom by potentially reducing what they owe on unsecured loans or credit cards. Debt relief companies offer these programs to help qualifying borrowers gain…

How much debt does the average Australian have?

From home loans to HECS debts to payday loans, Aussies have become prolific borrowers. According to the Bank for International Settlements, aggregate household debt in 1974 was equivalent to about a third of Australia’s gross domestic product (GDP). As of 2024, the total amount owed by Aussie households exceeds 110% of GDP. Australia used to…