Consumer lending in New Zealand is governed by the Credit Contracts and Consumer Finance Act (CCCFA). The detailed affordability rules that required lenders to check every expense line by line were removed on 31 July 2024. Lenders must still make reasonable inquiries to be satisfied you can repay without substantial hardship.
Since 1 July 2026, the Financial Markets Authority regulates consumer credit, taking over from the Commerce Commission. Lenders now need a licence rather than certification.
For you, this means a lender may ask fewer detailed questions about everyday spending than a few years ago, but your bank statements and commitments still matter.