Australian Prudential Regulation Authority (APRA) announced on 6 October that it is introducing tighter mortgage serviceability tests, making it more difficult for some borrowers to get a home loan. The minimum interest rate buffer on home loan applications has been increased from 2.5 to 3 percentage points. Therefore, from November, new borrowers will be tested by banks to determine their …
Looming crackdown on the surge in house prices
As house prices continue to increase, there are whisperings of home loan crackdowns looming within the next 12 months. There have been discussions held between the Federal Treasurer, Josh Frydenberg and the banking regulator APRA (Australian Prudential Regulation Authority) to determine how to take control of the situation before it gets out of hand. APRA is an independent statutory …
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Places to Research Property Prices
Property prices fluctuate due to various factors, such as the state of the local economy, employment opportunities and housing supply and demand. For this reason, people planning to buy a house need to keep track of market conditions to determine the current prices in their preferred locations. In Melbourne, house price growth was earlier predicted to be modest this year with a 3 percent to 5 …
