To say applying for a home loan has been challenging is an understatement. Tight lending policies have long been an issue for the real estate and building sectors. For us, it has been challenging in the sense that applications have been more complex than ever, and lenders asking for additional information, closely analysing how much money you spend, and constantly shifting the goalposts. Josh Frydenberg announced that there will be a loosening in policy on Friday, and we could not be happier. What does this mean for you? It will be easier to get a home loan we have been told. The idea of the loosening in policies is to fuel the Australian economy. “This is a significant initiative that will reduce red tape for consumers seeking a loan and importantly speed up the process for customers to obtain approval for a loan,” Westpac Chief Executive Officer Peter King said. At this stage we haven’t been advised any further, however, we will keep you updated as information comes to light. We are definitely excited!
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