Original article by James Frost
The Australian Financial Review – Page: 20 : 13-Oct-17
The Australian Securities & Investments Commission has suggested that borrowers who use mortgage brokers are more likely to take out interest-only loans. This has drawn a strong rebuke from Mortgage Choice, which noted that the percentage of interest-only loans it had written in September was only 16.4 per cent, down from 35.95 per cent in May. The Australian Prudential Regulation Authority has mandated that no more than 30 per cent of new loans shall be interest-only loans from September.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY