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First home buyers facing ‘straw that broke the camel’s back’

Article image for First home buyers facing ‘straw that broke the camel’s back’

Lending standards have been tightened in an attempt to curb the soaring housing market.

Australian Prudential Regulation Authority has increased the minimum interest rate buffer on home loan applications from 2.5 to 3 percentage points.

A person’s borrowing capacity is expected to be reduced by about five per cent.

Market Economics Managing Director Stephen Koukoulas told Ben Fordham first home buyers will be most affected.

“This could be the straw that breaks the camel’s back and just stops you from getting that loan.

“They are worried that people are at the risk of getting underwater because they’re just borrowing too much at the peak of this incredible housing boom.”

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Ben Fordham
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