The news isn't all bad for prospective first home buyers.
The Reserve Bank has confirmed major changes to mortgage rules from July, which will prevent most owner-occupiers from borrowing more than six times their pre-tax income.
It's also signalling it will keep the Official Cash Rate unchanged at 5.5% for the rest of the year.
Key Mortgages broker Jeremy Andrews told Mike Hosking that at the same time, the Reserve Bank is loosening LVR restrictions to allow for more low-deposit lending.
He says the changes could actually help many first home buyers.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com