The tougher lending criteria being imposed by the major banks, particularly in regards to living expenses, is silly and irrelevant, broker says... March quarter a "pleasing" one for Perth market...
Broker slams major banks over lending criteria
The tougher lending criteria being imposed by the major banks, particularly in regards to living expenses, is silly and irrelevant, the former CEO of the Australian Institute of Professional Brokers has argued.
Speaking to MPA's sister publication Australian Broker, founder and owner of Melbourne-based Universal Wealth Management, Maria Rigoni, says the tougher rules are hurting prime borrowers.
“Lending criteria is getting harder and harder so really good, credit-worthy borrowers are being declined loans on the most simple and silly of reasons.
“What is happening is people are finding it harder and harder to borrow or refinance. You might have all these cheaper options out there, but with the way that [the banks] are squeezing down how much people can borrow, consumers are being stuck in high interest rate loans and you can’t move.”
Rigoni’s argument comes just after ANZ announced in a note to mortgage brokers that it would change the way minimum living expenses were calculated when it decides on home loans.
March quarter a "pleasing" one for Perth market
Conditions in Perth’s property market over the March quarter were pleasing according to Western Australia’s peak real estate body.
According to figures from the Real Estate Institute of Western Australia (REIWA), Perth’s median house price in the three months to March was $535,000 – the same figure recorded for the three months to February 2016, while sales figures saw a solid increase.
“We did see the median house price ease back slightly from the three months to December 2015, but this isn’t unusual as there is typically some volatility during the festive season that can skew data,” REIWA president Hayden Groves said.
“Pleasingly, since the Christmas and New Year period there has been more balance and stability in the market with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter,” Groves said.
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Broker Tip of the Day
"I oversee every part of the process; I've got my fingure on the pulse the whole way through. Some clients are happy to speak to me at each stage; other are happy for my staff to keep them updated. Having people involved in my process allows me to be more effecitive in the areas where they need advice and handholding"
Justin Doobov, Intelligent Finance, AMA Broker of the Year 2015
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You may have missed:
Meet your average broker
Putting the human back into leadership
Watch the footage from the MPA Non-Major Banks Roundtable
The tougher lending criteria being imposed by the major banks, particularly in regards to living expenses, is silly and irrelevant, the former CEO of the Australian Institute of Professional Brokers has argued.
Speaking to MPA's sister publication Australian Broker, founder and owner of Melbourne-based Universal Wealth Management, Maria Rigoni, says the tougher rules are hurting prime borrowers.
“Lending criteria is getting harder and harder so really good, credit-worthy borrowers are being declined loans on the most simple and silly of reasons.
“What is happening is people are finding it harder and harder to borrow or refinance. You might have all these cheaper options out there, but with the way that [the banks] are squeezing down how much people can borrow, consumers are being stuck in high interest rate loans and you can’t move.”
Rigoni’s argument comes just after ANZ announced in a note to mortgage brokers that it would change the way minimum living expenses were calculated when it decides on home loans.
March quarter a "pleasing" one for Perth market
Conditions in Perth’s property market over the March quarter were pleasing according to Western Australia’s peak real estate body.
According to figures from the Real Estate Institute of Western Australia (REIWA), Perth’s median house price in the three months to March was $535,000 – the same figure recorded for the three months to February 2016, while sales figures saw a solid increase.
“We did see the median house price ease back slightly from the three months to December 2015, but this isn’t unusual as there is typically some volatility during the festive season that can skew data,” REIWA president Hayden Groves said.
“Pleasingly, since the Christmas and New Year period there has been more balance and stability in the market with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter,” Groves said.
Broker Tip of the Day"I oversee every part of the process; I've got my fingure on the pulse the whole way through. Some clients are happy to speak to me at each stage; other are happy for my staff to keep them updated. Having people involved in my process allows me to be more effecitive in the areas where they need advice and handholding"
Justin Doobov, Intelligent Finance, AMA Broker of the Year 2015
Read more from leading brokers
You may have missed:
Meet your average broker
Putting the human back into leadership
Watch the footage from the MPA Non-Major Banks Roundtable
