Rising interest rates are already putting more pressure on households and now banks are reducing their ability to lend at high multiples with an effective reduction of “Borrowing Power” of up to 20%. Combined, this will put more stress on property owners and renovators.
APRA has written to the banks stressing the importance of sound mortgage lending. Better late than never!
WA may well see some of the biggest changes.
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Caveat Emptor! Note: this is NOT financial or property advice!!