‍APRA housing intervention

Today, the Australian Prudential Regulation Authority has taken the unprecedented step of implementing debt-to-income limits on mortgages. This is a direct rebuke to Labor’s reckless, non-means tested and uncapped 5% Home Guarantee Scheme.

Last week APRA warned: “The expansion of the Australian Government’s 5% Deposit Scheme is expected to boost demand from first home buyers.”

They are clearly warning Labor’s scheme is pushing banks to take on more risk, with higher loan-to-valuation loans expected alongside Labor’s Home Guarantee Scheme.

Today APRA has acted.

They are smashing Labor’s 5% mortgages with new rules. They are directly undermining Labor’s reckless policy making.

APRA is telling Anthony Albanese and Clare O’Neil to stop doing stupid stuff.

For Australia’s sake, we hope they listen.

[Ends]

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