Government announces final changes to the CCCFA Regulations

Published: 12 April 2023

The Government has announced a final set of changes to the Credit Contracts and Consumer Finance Act (CCCFA) and the Responsible Lending Code to improve safe access to credit for Kiwis. The changes will be applied from 4 May 2023.

The final set of changes will include:

  • narrowing the expenses considered by lenders to exclude discretionary expenses more explicitly
  • providing more flexibility for lenders about how certain repayments may be calculated
  • extending exceptions from full income and expense assessments for refinancing of existing credit contracts.

The changes aim to increase ease of access to credit while maintaining a strong level of consumer protection. Coupled together with the initial changes that came into effect in July 2022, they will address the remaining unintended impacts of the December 2021 changes.

MBIE released an exposure draft of the changes to the CCCFA Regulations and Responsible Lending Code for consultation in September 2022. Stakeholders including lenders, financial mentors and consumer advocates shared their views during this consultation period. This feedback was an important step to ensuring the workability of the final changes.

More information on the changes to the CCCFA Regulations and Responsible Lending Code can be found on our website.

Review of December 2021 credit law changes

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Last updated: 14 April 2023