APRA changes ?

Thanks Peter. Will followup with them direct!

 

Get yourself a gun broker with strong connections to their managers. It can make a huuuuge difference. I say this from multiple experiences.

 

Or direct w/ strong connections to the credit managers

 

In the interest of the forum community, why don't you share further details?

 

They walk among us on the forum

 

I have a few broker friends and the amount of tire kickers and time wasters they see is staggering.

I'd rather not pi$$ my own broker off with more time wasters. ( Not saying you are).

 

And Virgin Money...

 

Has Nab moved on their servicability rates yet?

 

Comes into effect 5 August

 

I have just taken out a loan with CBA and wanted to know what borrowing capacity I had left. She told me CBA are getting new lending calculators on the 11th of Augusts she had no idea how they would work.

 

Yep it has all gone a bit quiet for now. None of the brokers I interacted with was able to say how much the increase is in terms of percentage or dollar value for our situation. Or if the HEM figures have also been updated in their new calculators. I guess it will be a wait and watch game for now.

 

Thanx euro73 i must have missed it.

 

https://www.afr.com/property/reside...e-back-in-the-property-market-20190724-p52a7y

 

I don't know that we can rely on tables like that as anything other than generic guides, as so many different variables at play... but it is interesting that the 100K, 150K and 200K combined incomes , where the majority of households would surely sit - have only increased between 4.74% and 9.75%.

 

National median household income is something like $85K (gross) from memory as of the most recent data from a couple of years ago, wouldn't have gone up much since. So these changes are significant.

 

Significant when viewed as a % of their particular borrowing capacity perhaps, but insignificant for the housing market and economy I would suggest. 85K combined household income and the corresponding 50,60,70K improvement to max borrowing capacity - assuming you have no other debt or dependents or credit cards or HELP debt etc - wont move the needle much in most markets .

 

How is Citi's calculator compared to the other lenders? They've dropped their floor rate to 5.40% effectively immediately.

 

Yeah I'm hearing a lot of noise about assessment rates falling through the floor but it doesn't seem to be translating to easier credit (yet). Just my perception?