Do you think it will be easier or more difficult to get loans now from banks?

Given COVID and impact of economy, what will the impact be for property investors to get loans?

Interest rates are low, but compared to say 12 moths ago, hard hard will it be to get a loan for new properties?

 

There's been some restrictions brought in due to the health and economic crisis. Most of these will eventually be rolled back as the economy recovers (which won't be in another month or two, think longer).

If people are wondering if things will get easier than it was in January, I seriously doubt it.

It wouldn't surprise me if there's some subtle changes behind the scenes, such as risk ratings quietly applied to certain employment sectors. Some professions may be considered more risky than others on a permanent basis. Consider that the hospitality, tourism and retail died almost overnight. This will likely be incorporated into lenders 'black-box' risk modelling, not necessarily made public.

 

About the same as 12 months ago as long as income not affected by Covid-19 and even so there are banks lending to those on jobkeeper with a return to work date.

 

Is this something you’ve seen / heard of personally?

 

Yes on that one!

I would say absolutely right now it is harder than 12 months ago with additional layers of requirements / verification for many lenders.

 

It's something I've seen personally, 2 applications approved.

 

I would agree if talking self employed, for PAYG with no change in hours or wage it's business as usual. Even with applicants that have had hours reduced, with some lenders it's only an extra 2 questions to answer.
I suspect this may get harder depending on where the economy heads in the next 6,12, 24 months

 

I have no doubt banks will need this time at even greater risk than ever.

 

As a small business we had to supply a lot of up to date day at such as latest BAS as the FY is not yet done even though preapproval was in place