If you're one of those people who uses Afterpay or Zip to grab stuff and pay for it later, heads up — the game’s changing. Like, really changing. From June 10, BNPL (Buy Now, Pay Later) in Australia is officially being treated like actual credit. That means stricter rules, more checks, and fewer chances to just “tap and forget.”
Honestly, it was kinda easy before. You’d just sign up, split your payment, and go. No big deal. But now, the government’s stepping in. Companies like Afterpay and Klarna have to follow the same rules as credit card providers. That means they’ll need a proper credit licence, and yeah — they'll start checking if you can actually afford what you're buying.
What the New Rules Actually Mean for You
Let’s break it down. These are the changes coming in:
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All BNPL providers must hold an Australian credit licence
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They have to do proper checks on your income, debts, and whether the purchase makes sense for your situation
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If the purchase is over $2,000, they’ve got to go even deeper into your finances
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Missed repayments? They could show up on your credit file now
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All providers must sign up to AFCA, so you’ve got a proper place to complain if things go wrong
So yeah, it’s more serious now. But in a way, it’s about keeping people safe from getting into too much debt without realising it. A lot of folks were using BNPL like it was free money. Now it’s more like a credit card — you’ve got to know what you’re getting into.
Why Now? What’s Pushing These Rules?
To be honest, it’s been building up. With more people using BNPL every day — especially younger Aussies and families juggling rising costs — the government started noticing the risks. There were stories of people juggling multiple BNPL accounts, missing payments, and not even realising how deep they were in.
And then companies like Afterpay started partnering with major supermarkets like Coles, Woolworths, and even Aldi. That raised red flags. Regulators were like, “Wait, people might be using BNPL to buy groceries now?” That’s when it got real. The worry is, folks might use BNPL to survive week to week and fall behind without knowing how fast it’s adding up.
So What Should You Do If You Use BNPL?
If you’ve got an Afterpay or Zip account, or you’re thinking about signing up, here’s what you should keep in mind:
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Don’t assume you’ll be approved without checks. Providers might start asking more questions upfront
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Make sure you know the full repayment plan. It’s not free money, even if it feels like it
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Stay on top of your payments — because now, late ones could hurt your credit score
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If something goes wrong or feels off, you can take it to AFCA and get help
Bottom line? This is meant to protect you. It’s not about making life harder, just safer. But yeah, it does mean those casual “buy now, worry later” moments might not be so easy anymore.
