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The Rise in the Interest Rates in the Bank Sector
The Australian Prudential Regulation Authority (APRA) has recently implemented some changes on the lending policies within the banking sector in the country.
The investment and interest only lending has been reviewed closely by APRA resulting in amendments to bank rates, repayment options, lending ratios, mortgage discounts and assessment of borrowing power policies.
Banks are now increasing their mortgage interest rates in order to offset the requirement mandated by the APRA that big banks must hold more capital against their mortgage books. This has been put into effect in order to provide a safety net against potential inability to pay.
Many banks still offer competitive rates and flexible payment options. It is best to know what options you have and to find the correct arrangement that is suited for your lifestyle and circumstances. Talk to a professional. Our Finance Specialists are glad to help you.
To discuss your specific lending alternatives, please call our Loan Specialists Paul Moran at 0434 096 336 or Paul Tate at 0409 200 082.
written by:
McKinley Plowman
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