"At the moment, investment borrowers are paying something like between 0.6 and 0.8 per cent more than an owner-occupier borrower.
Commonwealth Bank responded to APRA's announcement on August 30 saying there would be"no impact on customers, the security and serviceability arrangements for housing loans". Behind the scenes lobbying has already begun given the potential impact of the definition changes with borrowers yet to be informed that the status of their holiday homes or apartments could change.
"What borrowers will need is time so that they can make a rational decision as to whether they want to service a higher cost mortgage going forward."
Source: Financial Digest (financialdigest.net)
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