Borrowers 'set for a wake-up call'

New credit regulations could act as a wake-up call to some consumers, it has been claimed.

New reforms could come as a shock to some people looking for Aussie credit, according to one industry commentator.

Consumers looking for products such as mortgages and home loans may struggle as of next year, according to RateCity chief executive Damien Smith.

He pointed out that the new approval regulations, including increased access to borrowers' records, such as their utility bill payments, may limit people's chances of gaining Aussie credit.

Mr Smith noted a fear of some people that this will help shape the annual fee and interest rates charged on their credit commitments.

He remarked: "People who have got less than perfect records of paying their bills on time will definitely find it harder to get finance than they have in the past."

The executive claims that for those who never take such matters seriously "this is a big-wake-up call."

Ahead of the payment deadline this week, the Australian Tax Office advised that people could use their credit cards to pay off their income tax bill.

By Mark Hornby