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News

Title: Banks care more about income than equity

Date: 2016-07-29

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Banks care more about income than equity
Homeowners who want to tap into their increased equity in their homes are being warned they may be disappointed, unless they have had an income boost, too.
Mortgage broker Christine Lockie, of LoanPlan, said, provided borrowers met loan-to-value restrictions, banks were putting means, income and cashflow first.
"It would appear that many home owners don't want to risk selling their properties if they are unable to replace their existing home within their affordability.

"Instead they're looking to stay put and renovate. However, often increasing an existing mortgage is not easy even when...

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Title: Reserve Bank targets investor lending

Date: 2016-07-22

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Reserve Bank targets investor lending
The Reserve Bank has today released a consultation paper proposing changes to loan-to-value restrictions (LVRs) to further reduce risks to financial stability arising from the current boom in house prices.

“The banking system is heavily exposed to the property market with residential mortgages making up 55 percent of banking system assets. Investor lending has been increasing rapidly and is a significant contributing factor to the current market strength. The proposed restrictions recognise the higher risks associated with such lending,” Governor Graeme Wheeler said.
...

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Title: Reserve Bank of New Zealand threatens more macroprudential measures to cool housing market

Date: 2016-07-15

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Reserve Bank of New Zealand threatens more macroprudential measures to cool housing market
New Zealand's Reserve Bank is threatening more measures to cool the nation's runaway housing market, in what could be a foretaste of things to come in Australia.
New Zealand was ahead of Australia in introducing so-called macroprudential controls on home lending, notably an 80 per cent restriction on the size of loan that a bank could issue relative to the value of the property.
The Reserve Bank of New Zealand introduced those loan limits in October 2013, more than a year before Australia's bank regulator ...

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