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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

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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APRA eases residential mortgage lending rules

By Cameron Micallef

May 22 2019
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Borrow

APRA eases residential mortgage lending rules

By Cameron Micallef
May 22 2019

Big changes are underway for your mortgage. The banking regulator is looking at measures that experts are tipping will make access to credit easier.

APRA eases residential mortgage lending rules

By Cameron Micallef

May 22 2019
Share

Big changes are underway for your mortgage. The banking regulator is looking at measures that experts are tipping will make access to credit easier.

In a letter to authorised deposit-taking institutions (ADIs)- a bank or credit union- APRA is removing the guideline of using a minimum interest rate of at least 7 per cent.

Currently, if an investor is unable to pay back the loan at a mortgage rate of 7 per cent, they are not approved for the loan.

Under this new proposal, ADIs would be permitted to review and set their own minimum interest rate floor for use in serviceability assessments.

APRA Chair Wayne Bryes believes it the changes will provide greater flexibility to set their own serviceability floors.

“APRA introduced this guidance as part of a suite of measures designed to reinforce sound residential lending standards at a time of heightened risk,” he said.

“Although many of those risk factors remain – high house prices, low interest rates, high household debt, and subdued income growth – two more recent developments have led us to review the appropriateness of the interest rate floor,” said Mr Byres.

“With interest rates at record lows, and likely to remain at historically low levels for some time, the gap between the 7 per cent floor and actual rates paid has become quite wide in some cases – possibly unnecessarily so,” he said.

In its letter, ARPA has proposed a buffer of 2.5 per cent to ADIs meaning an investor would have 10 25 basis point rate rises before finding themselves in financial distress.

The guidelines are not new, with APRA first introducing them back in 2014 as part of its efforts to reinforce sound residential lending standards.

APRA is having a four-week consultation program that will finish on 18 June, ahead of APRA releasing its final version of the updated APG 223 shortly afterwards.

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About the author

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.

About the author

Cameron Micallef

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