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“The bank regulator”

By Georgia Holland

APRA “the banks regulator” yesterday moved on the serviceability rate floor changes I have been speaking about. They have come up with a new minimum rate floor of 2.5% above the delivery interest rate – up to the discretion of the lenders. As you are aware most lenders are currently using 7.25% floor to determine borrowing capacity.

As this has only just been announced yesterday it might take 2-3 weeks for the banks to formulate their responses.  Please click the link for a news article that goes over the potential magnitude of these changes to borrowing capacity showing some examples.

Based on this change, combined with the two consecutive rate drops, re election of the government (capital gains tax policy & negative gearing policies as is) and the tax package passed in full this week – there are many positive things to support the property market.

For further financial information click here 

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