Westpac Banking Corp and Australia and New Zealand Banking Group are starting to...
) are starting to lower the interest rate they use to stress test customers’ loan applications, a move expected to help stabilize house prices.
The banks are the first two of the Big Four lenders dominating Australia’s banking system to implement the loosening of mortgage lending rules, introduced by the prudential regulator earlier this month. That compares with a 7.25% minimum testing rate the banks used before the regulator removed the mandated floor.
ANZ told clients on Friday that its new floor rate for retail lending would fall to 5.50% from Monday, according to a marketing memo seen by Reuters.
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