Calls for an investigation into new home loan regulations be brought forward amid concerns

Changes to the Credit Contracts and Consumer Finance Act were brought in late last year with officials saying it would mean better protection against unaffordable debt and high cost loans.

But instead some people are reporting having mortgage applications knocked back for spending habits including buying takeaways and domestic travel.

Commerce and Consumer Affairs Minister David Clark's asked the Council of Financial Regulators to bring forward their investigation into whether banks and lenders are implementing changes as intended.