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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

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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RBA takes aim at interest-only loans

By Jack Derwin

April 05 2017
Share

Invest

RBA takes aim at interest-only loans

By Jack Derwin
April 05 2017

The Reserve Bank has thrown its support behind the latest measures limiting interest-only loans, with RBA governor Philip Lowe hinting that current tax arrangements may be responsible for Australia’s record household debt level.

RBA takes aim at interest-only loans

By Jack Derwin

April 05 2017
Share

Speaking at the Reserve Bank board dinner last night in Melbourne, Mr Lowe said the move by regulatory bodies APRA and ASIC to tighten interest-only lending was supportive of a more sustainable and resilient housing market.

“Like the earlier ‘speed limits’ on investor lending, these new requirements should help the whole system pull back to a more sustainable position,” Mr Lowe said.

“Hopefully, the changes might encourage a few more people to think about the merit of taking out very large interest-only loans when interest rates are near historical lows.”

APRA said last week that interest-only loans should not exceed 30 per cent of new loans, while institutions have been instructed to limit those with high loan-to-valuation rations (LVRs).

Mr Lowe said the popularity of interest-only loans was fuelled in part by the flexibility of Australian mortgages.

“Many people with interest-only loans make significant payments into offset accounts rather than explicitly paying down principal,” he said.

“This flexibility, which is of value to many people, isn’t available in most countries.”

Mr Lowe also hinted that current tax arrangements may have contributed to Australia’s ongoing household debt issue, which has now risen to 187 per cent of income.

“A second factor is the taxation arrangements that apply to investment in residential property in Australia.”

However, despite the RBA welcoming “these and other prudential measures”, Mr Lowe maintains there are bigger drivers of the housing market.

“The availability of credit is undoubtedly a factor that can amplify demand, but it is not the root cause,” he said.

“It is hard to escape the conclusion that we need to address the supply side if we are to avoid ever-rising housing costs relative to our incomes and to avoid the attendant incentive to borrow that is created by rising housing prices.”

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