The assumption that the credit amnesty will make it easier for buyers to obtain credit is not entirely true as many credit providers will implement a far stricter credit vetting processes.

The assumption that the credit amnesty will make it easier for buyers to obtain credit is not entirely true as many credit providers will implement a far stricter credit vetting processes.

Goslett says previously banks would base much of their credit rating models on a client's payment history, which will be far less detailed without the information provided by credit bureaus.

It will be far more difficult for financial institutions to determine a applicants ability to repay their credit. As such, they will have to adjust their approach and methods of distinguishing between high and low risk lenders.

It means that the banks will have to tighten their approach to risk and and lending criteria and could in fact grant less credit.

Goslett notes that if the credit amnesty results in fewer loans being granted, coupled with the fact that consumers are already facing other external financial pressures such as the rising costs of living, it could result in the property market slowing down.

Consumers already have deposit requirements to contend with and further interest hikes predicted for later this year, so even more additional costs will keep them so much longer from the property market.