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| Name | Banks want to ease lending rules for home loan borrowers | The Business | ABC News |
| Video Uploader | Video From ABC News (Australia) |
| Upload Date | This Video Uploaded At 02-05-2024 05:00:37 |
| Video Discription | Households with mortgages continue to feel the sting of previous interest rate rises. One in four calls to the National Debt Helpline in 2024 are from Australians who face mortgage hardship, including some who have been forced to sell their homes. Many borrowers are stuck in a mortgage prison and unable to refinance as they continue rolling off cheap fixed loans onto higher variable rates. Banks and mortgage brokers say the current lending laws make it challenging for them to assist middle and lower income households who want to refinance or get a new loan, while others are fearful any tweak to the current laws could result in financial turmoil. Horror stories that emerged during the Banking Royal Commission more than five years ago led to stronger regulations aimed at better protecting consumers, and caps on bonuses paid to bankers. But banking giant CBA is planning to increase the commissions it pays to its home loan bankers, and the CEOs of ANZ and NAB are calling on the government to consider easing lending rules. Consumer groups and some economists are warning against this, saying it's being driven by greed and could result in more people getting loans who cannot afford it, increasing the risk of financial instability. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia |
| Category | News & Politics |
| Tags | Australia | abc | abc news | news | mortgage | mortgages | lending | banks | banking | home loan | home loan rates | refinance | mortgage payments | credit | debt | Commonweatlh bank | NAB | Westpac | ANZ | commission | Banking Royal Commission | National Debt Helpline | Consumer Action Law Centre | finance | financial | finance news | loan stress | loan | loans | interest rates | rate rise | variable home loan | fixed home loan | variable rates | economy | economy news | broker | mortgage broker | Redom Syed | Shane Oliver | economist |
