One of the big four banks has hinted that getting a home loan may become a little easier following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
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Speaking to The Courier-Mail ahead of today’s Property Council 2019 Outlook lunch,
ANZ’s head of Australian Economics David Plank said in terms of policy, most of the credit tightening measures were already in the system.
“The royal commission final report doesn’t point to any further need for banks to tighten,” Mr Plank said.
“But there is still some way to go to implement all the steps that they’ve got in place, so you’ll probably see some further tightening, but the vast bulk of it’s through.”
He said it was unlikely there would be any additional shocks and for home buyers to expect increased competition among borrowers.
“I think we’ll see at the margin some relaxation perhaps in criteria as they think about what they’re going to do with investor only loans,” he said.
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“The regulator has made it clear that they don’t want to see any further tightening so it’s possible that they get greater clarity on what they need and that greater certainty might lead to some easing up on some of the credit constraints.”
Mr Plank said he expected Brisbane’s property market to continue to be stable throughout 2019.
“Brisbane had it’s down turn a few years ago, when there was short lived concerns about an oversupply of apartments, but those concerns I think have faded,” he said.
He said it was hard to predict when the market would rise again as it was the first time the country had a downturn cycle like this caused by credit.
“Every other downturn has been caused by higher interest rates,” he said.
Mr Plank’s comments came after Kenneth Hayne’s Royal Commission final report delivered what could be a potentially fatal blow for the mortgage broking industry.
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The banking, financial advice, superannuation and insurance sectors didn’t go unscathed either, as Mr Hayne handed down a series of recommendations to get them to lift their game and leave customers better, not worse off.