Finance advice

Interest-only loans fall a ‘slam dunk’ for APRA

By Sasha Karen
interest, loans, decline in interest-only loans, APRA

New data from APRA shows a smaller number of people are taking interest-only loans, a move described by an expert as a “colossal turnaround” by the banks.

Data from APRA’s September Quarterly ADI Property Exposures indicate interest-only loans have declined to 16.91 per cent, down 44.84 per cent over the quarter, a historic low. Likewise, the big four banks have declined the number of new interest only loans to 16.69 per cent, down 48.65 per cent over the quarter.

Currently, 35.35 per cent of all loans are interest-only.

Sally Tindall, RateCity’s money editor, said these results are a win for APRA after the regulator demanded banks to limit new interest-only to 30 per cent of all new lending.

“Today’s data is a slam dunk for APRA,” Ms Tindall said.

“This has been a colossal turnaround in the way banks view interest-only terms. In June 2015, 45.65 per cent of all new loans approved by banks were interest-only. Today this has been reduced to under 17 per cent.

“The RBA will also be relieved to see people committing to paying down their debt. Our household debt to income ratio is at a record high. This move away from interest-only lending should help bring this ratio down to more realistic levels.”

RateCity data reveals the average interest-only loan is approximately 30 to 35 basis points higher, but this has not caused existing borrowers to start paying their debt.

The average home loan interest rates by borrower type, according to RateCity, are:

Borrower type Rate
Investor, interest-only 5.08%
Investor, principal and interest 4.78%
Owner-occupier, interest-only 4.68%
Owner-occupier, principal and interest 4.33%
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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

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Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

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The different reasons to start rentvesting

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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