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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines of what’s happening when it comes to the world of superannuation, property, investing and wealth creation.

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Steve Waters, director of Right Property Group, talks about affordability, inflation and his expectations for property in 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers the interesting topic of buy now, pay later and what its introduction to the hospitality industry could mean for consumers. She also relays her thoughts on CBA’s entry into crypto and how other banks may react.

Finally, tax and super guru Timothy Munro tackles the likely return of a popular tax-saving measure in 2022. He also delves into super’s stellar performance and why Aussies aren’t leaving failing MySuper products.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Borrow

The big banks making it easier to borrow

By Grace Ormsby

July 16 2019
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Borrow

The big banks making it easier to borrow

By Grace Ormsby
July 16 2019

Two of the big four banks have lowered the rate floor used for the consideration of customer lending, which looks likely to make it easier for borrowers to have loans approved.

The big banks making it easier to borrow

By Grace Ormsby

July 16 2019
Share

Two of the big four banks have lowered the rate floor used for the consideration of customer lending, which looks likely to make it easier for borrowers to have loans approved.

The decision by Westpac and ANZ to adjust their lending criteria is in response to the recent changing of lending criteria by the Australian Prudential Regulation Authority (APRA).

Before the change, if an individual appeared unable to pay back a loan at a mortgage rate of 7 per cent, they would not be approved for the loan.

Now, authorised deposit-taking institutions will be empowered to set their own review standards, as long as they factor in a buffer of at least 2.5 per cent interest.

ANZ was the first bank to announce it would be adjusting its criteria, dropping the serviceability rate to 5.5 per cent from 7.25 per cent, while increasing its sensitivity buffer to 2.5 per cent from 2.25 per cent.

Westpac has also moved its current interest rate floor down accordingly to 5.75 per cent from 7.25 per cent.

The bank also increased its buffer to be in line with APRA standards, lifting its rate to 2.5 per cent from 2.25 per cent.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.