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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Monday, 01 June 2020

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Borrow

Last of the big four cuts rates to undercut peers

By Charbel Kadib and Cameron Micallef · July 23 2019

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Borrow

Last of the big four cuts rates to undercut peers

By Charbel Kadib and Cameron Micallef
July 23 2019

Reading:

Last of the big four cuts rates to undercut peers

By Charbel Kadib and Cameron Micallef · July 23 2019

Reading:

NAB has updated its mortgage serviceability assessment policy, becoming the final big four bank to amend its policy in response to APRA’s new guidance.

National Australia Bank (NAB) has lowered its interest rate floor to 5.5 per cent and increased its interest rate buffer to 2.5 per cent, effective for all new home loan applications from 5 August.

The bank’s announcement has seen it undercut its major competitors, CBA and Westpac, which only dropped their rates to 5.75 per cent.

The new NAB rate floor aligns with ANZ’s announcement that it was lowering its rate floor to 5.5 per cent.

As it stands, Macquarie has the lowest floor rate (5.3 per cent), with MyState on the opposite side of the spectrum, dropping its floor rate to just 6.2 per cent.

The revisions have been in response to the Australian Prudential Regulation Authority’s (APRA) changes to home lending guidance, in which the authority scrapped the 7 per cent interest rate floor for mortgage assessments and increased the buffer rate to 2.5 per cent.

Commenting on the changes, NAB’s chief customer officer for consumer banking, Mike Baird, told Nest Egg’s sister publication, The Adviser, that “NAB welcomes the updated APRA guidelines on home lending serviceability”.

“We believe now is the right time to change the approach to how the affordability rate floor is determined, given the continuing low interest rate environment,” he said.

Mr Baird added, “As a responsible lender, serviceability is assessed using a number of factors and we consider all lending applications on a case-by-case basis.”

NAB is the latest lender to amend its serviceability policy, joining the likes of ANZ, Westpac, the Commonwealth Bank, Macquarie, Suncorp, MyState Bank, Bendigo and Adelaide Bank, the Bank of Sydney, and Auswide Bank.

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About the author

Charbel Kadib and Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.