On 5 August 2011 the Assistant Treasurer, the Hon Bill Shorten, released for public consultation the exposure draft to the National Consumer Credit Protection Amendment (Enhancements Bill) 2011. One measure sought to be implemented includes protections for older Australians accessing the equity in their homes through reverse mortgages or home reversion schemes. These will require providers to comply with increased procedural requirements, both pre and post contract, as well as increased statutory protections including against negative equity. This was an election commitment.
The Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.