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Big Changes Coming to BNPL From Tuesday June 10
- The Albanese government introduced legislation in June 2024 requiring Buy Now, Pay Later products like Afterpay and Zip to be regulated as credit from June 10, 2025.
- The law closes a decade-long loophole by mandating BNPL providers hold credit licences and comply with credit laws overseen by ASIC to prevent financial harm.
- New regulations require BNPL providers to conduct mandatory checks on consumers' financial situations and report repayment data, potentially affecting credit scores and borrowing capacity.
- About 41 percent of Australians used BNPL in the six months to August 2024, with average user debt of $964 and Millennials as the largest consumer group at 38 percent.
- These changes could improve consumer protections and credit transparency, but advocates warn consumers should use BNPL responsibly and monitor credit reports regularly.
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Here's what new Buy Now, Pay Later regulations mean for you
Buy Now, Pay Later providers like Afterpay and Zip have been hit with new government regulations, but what does that mean for the roughly 40 per cent of Australians who use the products? The new laws classify the products as a form of credit, requiring responsible lending obligations, credit checks and further protections for customers.
·Sydney, Australia
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Total News Sources19
Leaning Left8Leaning Right4Center0Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
R 33%
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