Non-conforming lenders quick off the mark

A report by the ACT Consumer Law Centre found house repossession applications in Canberra were almost 40 per cent higher in the first half of this year than in the same period last year. NSW Consumer Credit Legal Centre principal solicitor Katherine Lane said record levels of debt and irresponsible lending had contributed to the spike in repossessions, in addition to the broader property downturn. The report shows that trustee companies lodged the most repossession actions in the ACT. They were followed by non-bank lenders Pepper Home Loans and Liberty Finance, then the NAB and ANZ.