ANZ says 7.25pc buffer has to go

May 23, 2019


ANZ chief executive Shayne Elliott urged the prudential regulator to scale back the buffer requiring new borrowers have the capacity to pay a 7.25 per cent interest rate, warning it was forcing the bank to turn away one in five loan applicants.

 

 

Mr Elliott supported a cut in the Reserve Bank's record low 1.5 per cent cash rate at its pre-election board meeting on Tuesday next week, but warned that this might not stimulate the property market unless the servicing buffer also was lowered.

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