With lenders credit criteria’s and interest rates constantly changing, we wanted to provide you with an update of some of the key changes which could impact your clients:
- Every major bank has been told by APRA to reduce the percentage of new interest only loans they provide. This has resulted in interest rates for interest only loans increasing compared to loans with principle and interest repayments. In the last month, many Lenders have limited the loan to value ratios for interest only loans, some to as low as 70% or 80% of the property value.
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