A spate of recent mortgage rate hikes by lenders has been making news lately, but there’s one set of borrowers who are being hammered worse than any others: investors with interest only loans.
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The Australian Securities and Investments Commission (ASIC) has announced eight home loan lenders may be required to provide remediation to customers who have experienced financial difficulty as a result of previous lending practices.
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Despite over 25% of home loan lenders increasing interest rates in March and APRA introducing new restrictions for interest only loans, Sydney property prices continue to climb.
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APRA has responded to rising house prices and increasing household debt by hitting banks with further restrictions on interest only and investor lending - which could mean ‘risky’ borrowers find their home loan applications rejected.
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House prices in the Sydney and Melbourne property markets continued to swell in March, according to CoreLogic data, and now the idea of a superannuation-like scheme to help first home buyers save up a deposit may become a reality.
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ING Direct is the latest in a long line of lenders to follow the big four banks in hiking rates across owner-occupier and investment mortgages, putting the squeeze on homeowners and property hopefuls across the country.
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It’s been two years since changes to the Privacy Act were made in 2014, which meant that banks and credit reporting companies could begin collecting greater information about a customer's financial situation. However, the majority of banks are still yet to adopt this new positive credit reporting model and are instead sticking to negative reporting.
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Over the last few weeks the home loan world sure has had a shake up, with all four of the big banks - NAB, Westpac, ANZ and CommBank - lifting variable rates for Aussie borrowers.
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All four of Australia’s big banks have now made increases to their variable home loan interest rates, ranging from as low as a 0.03% increase for owner-occupiers, to a hefty 0.25% hike for investors. And as the dust settles, Mozo data has revealed that each bank stands to make millions of extra dollars from the hikes.
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Commonwealth Bank has just announced increases to its variable rate home loans, effective from 8 May 2017.
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