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Unpacking the APRA Changes

Last week, the Australian Prudential Regulation Authority (APRA) confirmed it would scrap a rule that has seen new mortgage customers assessed on their ability to manage repayments with 7.25 per cent interest rates. APRA advised that instead of that interest rate “floor,” it would require banks to test if customers could manage repayments with rates at least 2.5 percentage points above a loan’s current rate. What do these APRA changes mean for you? These changes mean that some financial institutions have greater flexibility to set their own serviceability limits, while still maintaining detailed application processes and considering additional individual risk … Read more

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