Lenders get toughIncreasing deposits and reducing the amount lenders can borrow;
Replacing the ATO notice of assessment, which reflects taxable income after deductions, with the more up-to-date income statement that shows year-to-date salary and wages plus any withheld tax. Household budgets will continue to be squeezed as rising energy costs and continued inflationary pressures are expected to push inflation to about 7 per cent later this year, the Reserve Bank of Australia says.
For the same family with a pre-tax income of $400,000 the reduction rises to more than $515,000, or about 18 per cent.
Source: Loan Digest (loandigest.net)
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