The housing market welcomes news that ANZ Banking Group will be the first lender to respond to APRA’s announcement to relax rules that have tightened the lending market for some time.  We expect others to follow quickly with this initiative which is tipped to encourage homebuyers back into the market and boost lending for owner occupiers and investors.

Under the old regulations by The Australian Prudential Regulation Authority (APRA), banks were forced to assess a borrower’s ability to repay their loan assuming an interest rate rise to 7%.  Under the new rules, (APRA) requires banks to apply a 2.5% loading or (sensitivity margin) to the banks current rates.

ANZ Banking Group was the first to announce that from next week, they will use a rate of 5.5% to assess loan applications.

What does this mean?  Under the old rules of 7%, a bank would calculate your ability to make your repayments assuming that interest rates could rise to 7%, therefore their calculated serviceability for the lender was considerably higher than the actual interest rates.  From next week ANZ will use 5.5% which means that to be approved your serviceability will be calculated 1.5% lower than presently. It also translates to borrowers being able to borrow more.  How much more?  Well we expect 10% to 20% more than what is presently available under the current rules.

Investors will most definitely respond positively to this news and we may start to see investors back into the property investment market.

First Home Buyers will also benefit from this initiative as their ability to qualify for a home loan will be less demanding and they will be able to borrow more than presently available.

ANZ Banking Group is unlikely to be the only lender to announce changes to their lending policies as all other major banks have announced they are reviewing their policies.

This announcement comes at a time where official lending figures for housing in May are 21% lower than last year and is likely to be well received.


Types of Home Loans: Which One Is Right for Me?

Types of Home Loans - Which One Is Right for Me? First home buyers have a wide range of choices to make when choosing your loan.  One of the choices relates to over what time your loan will be repaid. This is influenced by a loan being principal and interest or interest only. Another choice

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We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.

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We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.

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We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans.  You always only deal with on person for all your lending services.

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We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.

The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients.  During this phase, we identify two to three options that may be suitable.

Our Lending Specialists will present to you a number of options available outlining  the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.

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We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned.  During this review, the client is made aware of any new financing options in the market.

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