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Access to credit spikes as more banks change their loan conditions
Two non-major banks have indicated that they are lowering their loan serviceability requirements, making a case for increased access to money lending.
Access to credit spikes as more banks change their loan conditions
Two non-major banks have indicated that they are lowering their loan serviceability requirements, making a case for increased access to money lending.
Macquarie Bank and Suncorp have both announced a change to their loan serviceability assessments, with the announcements by the non-majors a roll-on effect of the Australian Prudential Regulation Authority’s decision to enable authorised deposit-taking institutions to set their own lending review standards.
It follows news from earlier this week that both ANZ and Westpac had lowered their rate floors for the consideration of customer lending.
Macquarie Bank announced that it had cut its interest rate floor to 5.3 per cent, where it previously sat at 7.25 per cent, with the effect of undercutting the serviceability rates of both ANZ (which now sits at 5.5 per cent) and Westpac (sitting at 5.75 per cent).
The non-major also increased its buffer in line with APRA’s new guidelines from 2.25 per cent to 2.5 per cent.
Suncorp also announced a change, which will see its serviceability rate sit comparably with ANZ, now offering a reduced interest rate floor for serviceability of 5.5 per cent.
A spokesperson from the bank, who noted an increased sensitivity buffer to 2.5 per cent, said “this change will deliver positive benefits for customers wanting to enter the property market”.
“As always, we encourage aspirational home owners to do their homework, ask questions of their broker or bank and have a clear understanding of what they can afford to repay each month.”
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