Australians will find it harder to take out a new home loan with the Commonwealth Bank after the lender tightened repayment tests for borrowers.
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A bank cheque is drawn straight from your account and removes the need to lug around a large wad of cash for a downpayment on a new home or buying a secondhand car. But this convenience comes at a cost.
NAB and Westpac have jacked up owner-occupier and investor home loan rates, and we can safely predict Commonwealth Bank and ANZ will follow suit. But there is one bright spot for borrowers.
CBA will suspend new lending for investors looking to refinance as part of a crackdown on investor lending, believed to be behind housing’s rapid growth.
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