New Assessment Rate: How Much More Can I Borrow?
In an open letter to the banks, APRA (Australian Prudential Regulation Authority) has proposed amending their guidelines to allow banks to determine their own assessment rate. This will substantially increase the maximum borrowing power of many home loan borrowers. What changes to mortgage lending is APRA proposing? APRA is proposing to: Remove the 7% serviceability floor rate used…
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