In addition, mortgage intermediaries will be required to "enhance the verification" of the applicant's income and rental expenses. This will include more details about changes in the financial situation, and will also ask for more details about living expenses and other commitments. This includes the verification record of the 3-month rent payment, especially if the investor continues to lease the property.
In addition, loan brokerage agencies are required to pay attention to any signs of financial difficulties related to customers, including late payments, overdraft accounts, gambling, and payday loan transactions.
While major banks are tightening credit approvals for applicants, the auction clearance rate in the Australian housing market has been below 50% for the seventh consecutive week, indicating the continued weakness of the housing market. According to market analysts, the ANZ Bank’s actions may lead to further weakness in the Australian housing market.