Home loan crackdown by APRA features second apartments and vacation property with its sights
By elderly businesses correspondent Peter Ryan
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Over 100,000 mortgage loans face potential interest rate hikes following the Australian Prudential Regulation power (APRA) reclassified owner-occupied mortgage loans eg unrented holiday households and flats as investments residential properties.
Tips:
From January 2022 this is of an owner-occupier loan can simply put a borrower’s main host to house
The alterations could read significantly more than 100,000 owner-occupiers changed to more expensive individual mortgages
They primarily has an effect on consumers with second, unrented apartments or trip property
Under another statistical range system revealed in July, APRA ruled that from January 2022 the meaning of an owner-occupier mortgage are only able to feature a borrower’s major place of house and not any extra home that has been enabled under previous guidelines. (more…)