ASIC Regulatory Guide 209 Credit Licensing: Responsible Lending Conduct (Australia) rg209-b-requirements-objectives: Make inquiries about what the consumer wants from the credit: amount, term, product features, the purpose and the benefits sought, and whether a particular product type or feature is needed

What does rg209-b-requirements-objectives require?

Inquiries about requirements and objectives should uncover the amount and term the consumer wants, the purpose of the credit and what the consumer wants to achieve, which features they want and which they would rather avoid (fixed or variable rates, offset, redraw, interest-only periods, credit card features), any particular needs such as a loan structured to be repaid before retirement, and, for consumer leases, whether the consumer wants to own the goods. Where a product has features that cost more or carry risk the licensee should establish whether the consumer actually wants them; recent reforms on credit cards and interest-only loans reflect concern about inappropriate features.