Read on to understand what a relaxation in lending standards could do for new and existing borrowers.
After the tightening of lending standards over the past 12 months, it looks like things are loosening which will provide a big boost for,
- potential borrowers looking to buy property and
- existing borrowers who need to refinance!
This is because, earlier this week the Australian Prudential Regulation Authority (APRA) who is responsible for overseeing the prudent lending standards in Australia announced that it had begun consultation with major lenders or ADIs (Authorised Deposit-Taking Institutions) to ease lending standards for new and existing residential mortgage applicants.