Interest-only Loans

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<p>EXPERT OBSERVER</p>
<div>Some blessed relief for housing investors as the number of interest-only loans was finally off the lows in the June 2019 quarter. </div>
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<div>Following changes to serviceability rules further increases should hopefully be observed in the second half of 2019. </div>
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<div>The stock of interest-only loans continued to decline sharply to 21.8 per cent of total mortgages, however - comfortably the lowest share on record - having been at 39 per cent of the stock of outstanding mortgages by value as recently as early 2017. </div>
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<div>This shows how dramatically effective the interest rate differential was in lending and borrowing behaviours, alongside caps and certain other restrictions. </div>
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<div>Despite all the hype, there have been comparatively few signs of forced selling to date, with most borrowers managing the transition comfortably. </div>
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<div>In fact, new stock listings have remained exceptionally low. </div>
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<div>There has been an impact on consumption, though, and NAB now forecasts <strong><span style="text-decoration: underline;">three</span></strong> further interest rate cuts over the next nine months, as indeed does ANZ.<br><br>In fact, NAB also sees a chance of unconventional measures on top of these cuts. </div>
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<div>Of the remaining interest-only loans Westpac retains the largest stock.</div>
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<div>Finally, the 5-year squeeze on higher-LVR lending has finally eased a little, with the majors steadily writing more loans at 80-90 per cent LVRs, which is also a relief to see.</div>
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<p>Non-banks wrote a fair chunk of the loans at above 90 per cent LVRs, but there have been fewer exceptions reported as a share of total lending.</p>
<div><strong><span style="text-decoration: underline;">Brink of crisis</span></strong></div>
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<div>Overall, there are some tentative signs that banks are somewhat more willing and able to write mortgages, half a decade after the prudential tightening began.<br><br>Investment lending is now only about half of what it was at the peak, and some loosening is welcomed to allow first homebuyers an opportunity to buy, with prices also lower over the past two years.<br><br>Moreover, the banking Royal Commission brought Australia to the brink of a recession and a related banking crisis.<br><br>At the last count monthly building approvals have crashed to 12,944 (with unit approvals down 44 per cent year-on-year), which is a diabolical leading indicator for activity in the economy, while credit growth is also dreadfully weak.<br><br>Despite these atrocious numbers, there's often a palpable complacency evident in the housing market commentary.<br><br>A banking crisis can still be averted, but only if banks can get some credit flowing again...and soon. </div>
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pwargent-M4siyDbqQY

Has the interest-only cliff almost been negotiated? Pete Wargent

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<p>Westpac is raising the maximum loan-to-valuation ratio (LVR) for interest-only loans to property investors to 90 per cent, from 80 per cent.</p>
<p>This move will allow property investors to take out interest-only loans with smaller deposits.</p>
<p>New interest-only loans to owner-occupiers will remain subject to an LVR cap of 80 per cent.</p>
<p>The bank's general manager of home ownership Will Ranken told Domain that the "change will provide a competitive proposition for investors looking to purchase their next property."</p>
<p>Since APRA removed the cap on the proportion of new interest-only lending Westpac haven't been the only Bank in the Big Four to make a move like this.</p>
<p>Earlier this year ANZ also raised LVR limits for property investors with interest-only loans.</p>
<p>There have also been a series of rate cuts as banks bring their interest rate down in line with the recent cash rate cuts.</p>
<p>Bell Potter analyst TS Lim said banks would try to attract property investors now that property prices had bottomed, but he thought lenders would still be "pretty measured."</p>
<p>"It's an area where the banks are chasing market share. I think it's going to grow, but not as quickly as before. People are still wary," Mr Lim said.</p>
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j.ballantyne1990-6AQqhLzZaK

Westpac loosens investor loan restrictions on interest only loans

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<p>Westpac has reported its IO loans has dipped to 31 percent of its home loan portfolio.</p>
<p>It sat at 46 percent in late 2017.</p>
<p>An overview of <a href="https://www.urban.com.au/expert-insights/finance/98053-anz-s-home-loan-portfolio-shows-big-drop-in-interest-only-loan-borrowers" target="_blank">ANZ's home loan portfolio</a> from their half year results investor pack also showed a big fall in interest-only loan borrowers.</p>
<p>Just 18 percent of their portfolio is IO compared with 26 percent this time last year and 36 percent in 2017.</p>
<p>NAB's IO loans have dropped to <a href="https://www.urban.com.au/news/98117-nab-housing-lending-revenue-continues-to-drop-and-shareholders-pay-the-price" target="_blank">26 percent of their loan book</a>.</p>
<p>Some 84 percent of Westpac's entire portfolio has an 80 pecent or lower LVR.</p>
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<p><span>Westpac announced a reported profit of $3,173 million for 1H19.</span></p>
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<p><span>Cash earnings, the Group’s preferred measure of earnings, was $3,296 million, down 22%. </span></p>
<p><span>The Group’s performance in 1H19 was impacted by major remediation and restructuring items: including provisions for estimated customer refunds, payments and associated costs of $617 million (after tax); and costs associated with the reset of Westpac’s wealth strategy announced on 19 March 2019 ($136 million after tax). Excluding these items cash earnings was down 5%.</span></p>
<p><span>Westpac Group CEO, Mr Brian Hartzer said it was "a disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting our wealth strategy.”</span></p>
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Westpac sees IO loans shink to 31 percent of home loan portfolio

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<div class="field-item even">The Australian Prudential Regulation Authority (APRA) has removed its supervisory benchmark on interest-only residential mortgage lending by authorised deposit-taking institutions (ADIs).</div>
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<div>The benchmark was put in place as a temporary measure in March 2017, as part of a range of actions over recent years to reinforce sound lending practices.</div>
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<div>The introduction of the benchmark has led to a marked reduction in the proportion of new interest-only lending, which is now significantly below the required 30 per cent threshold.<br> </div>
<div>Earlier this year, APRA announced its intention to remove the supervisory benchmark on investor loan growth subject to ADIs providing certain assurances as to the strength of their lending standards.</div>
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<div>Most ADIs have now provided those assurances, APRA noted.</div>
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<div>ADIs that are no longer subject to the investor loan growth benchmark will also no longer be subject to the benchmark on interest-only lending from 1 January 2019. For other ADIs, it will be removed concurrently with the removal of the investor loan growth benchmark.<br> </div>
<div>APRA Chairman Wayne Byres said APRA’s lending benchmarks on investor and interest-only lending were always intended to be temporary.</div>
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<div>"Both have now served their purpose of moderating higher risk lending and supporting a gradual strengthening of lending standards across the industry over a number of years.”<br> </div>
<div>Notwithstanding the removal of the interest-only benchmark, ADIs still need to ensure they maintain adequate oversight of the level and type of interest-only lending, consistent with APRA’s <em>Prudential Practice Guide APG223 Residential Mortgage Lending </em>and ASIC’s responsible lending obligations on borrower requirements and objectives.</div>
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<div>Byers noted interest-only mortgages, and in particular owner-occupied interest-only lending, "remain a higher risk form of lending."</div>
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<p><span>APRA plans to conduct a review of ADI risk controls on interest-only lending next year, as part of a broader assessment of improvements that have been made in lending standards. </span></p>
<p><span>"A re-acceleration in interest-only lending at an industry-wide level would raise systemic concerns," Byers noted.</span></p>
<p><span>"In such a scenario, APRA would consider the need to apply industry-wide measures in response."</span></p>
<p><span>As a result, APRA expects that ADIs will maintain prudent internal risk limits on interest-only lending.</span></p>
<p><span>APRA stressed interest-only periods should be of limited duration, particularly for owner-occupiers, and serviceability assessments should test borrowers’ ability to repay principal and interest over the actual repayment period (excluding the interest-only term).</span></p>
<p><span><span>RateCity.com.au recently noted data showing that three years ago the average gap between owner occupiers paying principal and interest and investors paying interest-only was 0.20 percent. </span></span></p>
<p><span><span>It is now 0.57 percent.</span></span></p>
<p><span><span>It is possible the move will see<span> property investors face more financing options in 2019.</span></span></span></p>
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jchancellor-FAypfDUnLy

APRA scraps IO loan requirements on lenders but with warning

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<p>The competition regulator has slammed the major banks for charging loyal customers too much for their mortgages.</p>
<p data-gtm-vis-recent-on-screen-6236702_632="1544472956576" data-gtm-vis-first-on-screen-6236702_632="1544472956576" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">The Australian Competition and Consumer Commission has concluded there was <span> "synchronised" </span>behaviour between the banks after the ANZ increased its interest only mortgage rates in 2017.</p>
<p data-gtm-vis-recent-on-screen-6236702_632="1544472956576" data-gtm-vis-first-on-screen-6236702_632="1544472956576" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1"><span>The big four banks have been accused of using the cover of regulatory intervention to lift rates on interest-only loans.</span></p>
<p>The report stopped short of accusing the banks of colluding, with Channel 10 network political editor Peter Van Onselen saying there had been no meeting between the banks.</p>
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<p><a href="https://www.accc.gov.au/publications/residential-mortgage-price-inquiry-final-report" target="_blank">The ACCC report</a> found existing borrowers who did not actively shop around for a better deal on a regular basis are the main losers.</p>
<p><span>The competition watchdog noted the bad bank behaviour was aided and abetted by the "oligopoly market structure." </span></p>
<p><span>It says ANZ, which was the first to lift rates in June 2017, did so expecting all the others to fall in behind.</span></p>
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<div class="_1lC_G">An existing borrower with an average-sized residential mortgage who negotiated to pay the same interest rate as the average new borrower from 30 June 2018 could initially save up to $850 a year in interest, it has concluded.</div>
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<div class="_1lC_G">“We consider that ANZ increased its rates, clear in its belief that, given the APRA limits, the other big four banks would follow its lead, and this expectation proved correct,” ACCC chairman Rod Sims said.</div>
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<p>The ACCC calculated that the rate increases by the five banks would have added, in the first year, about $1300 in interest charged to the average-sized owner-occupier interest-only standard variable mortgage.</p>
<p>“Such is the oligopolistic nature of banking that the banks all took the opportunity to increase rates on both new and existing interest-only mortgages, despite APRA’s measures only applying to new lending,” Mr Sims said.</p>
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<div class="_1lC_G">The size of the saving depends on the category of residential mortgage but could amount to 32 basis points, or 0.32 per cent.</div>
<p>The ACCC report has exposed the big 4 bank's windfall since its repriced its lending for investors on interest only loans.</p>
<p>It has enabled a $1.1 billion revenue windfall in what could be viewed as synchronized pricing by the big banks.</p>
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<p><span>The Residential Mortgage Price Inquiry is the first task of the ACCC’s Financial Services Unit (FSU) with the price monitoring period to finish on 30 June 2018.</span></p>
<p><span>The then Treasurer, the Hon Scott Morrison issued a direction in May 2017 requiring the ACCC to undertake an inquiry into the prices charged or proposed to be charged in relation to residential mortgage products by Authorised Deposit-taking Institutions (ADIs) affected by the Major Bank Levy.</span></p>
<p><span>Along with Macquarie, the </span>inquiry noted combined, these five ADIs (the Inquiry Banks) held approximately $1.3 trillion in outstanding residential mortgages as at December 2017.</p>
<p>This was about 84 per cent of all outstanding residential mortgages held by all banks in Australia.</p>
<p>Macquarie Bank had the smallest residential mortgage portfolio of the five banks by a large margin.</p>
<p>The remaining Inquiry Banks—colloquially referred to as the ‘big four banks’—accounted for about 75 per cent of the value of all new residential mortgages approved by ADIs in the September quarter of 2017.</p>
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<p><span>There are over 100 other lenders, mostly ADIs, that also provide residential mortgages. The pricing of these other lenders was not the focus of this inquiry which found t</span>he opaque, discretionary pricing of residential mortgages by banks makes it difficult and time consuming for borrowers to shop around and stifles price competition.</p>
<p>The ACCC reports that about 11 per cent of borrowers with variable rate mortgages had the price of their current residential mortgage reduced by one of the five banks under review in the year to 30 June 2018.</p>
<p>“I encourage more people to ask their lender whether they are getting the lowest possible interest rates for their residential mortgage and, as they do so, be ready to threaten to switch to another lender,” Mr Sims said.</p>
<p>“I am afraid that the threat of switching banks will often be necessary to achieve a competitive mortgage rate.”</p>
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ACCC exposes big 4 bank's $1.1 billion windfall revenue after synchronised pricing of IO borrowers

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<p>The ANZ chief executive Shayne Elliott predicts the pace of home loan growth will slow by roughly half to an all-time low.</p>
<p>He says the "extraordinary" boom in mortgage debt over the past three decades will come to an end.</p>
<p>But Elliott forecast the rate of housing credit growth would "trend towards" 2 to 3%, compared with the 5 to 6% of recent times.</p>
<p>"We’ve had 30 years where home lending has grown, for most of that, double-digit every year, and more recently at 5-6%," he said.</p>
<p>"That’s an extraordinary market growth over a period of time, and we’ve all become used to it, we just don’t think that’s sustainable. We think that that will be much more subdued.</p>
<p>“The reasons are house prices are already high, households already carry reasonable levels of debt, so it’s hard for people to borrow even more. And remember what fuelled a lot of the ability of people to borrow has been lower interest rates.</p>
<p data-gtm-vis-recent-on-screen-6236702_632="1540981245653" data-gtm-vis-first-on-screen-6236702_632="1540981245653" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">“All of those things kind of conspire to say the outlook will be softer.”</p>
<p data-gtm-vis-recent-on-screen-6236702_632="1540981245653" data-gtm-vis-first-on-screen-6236702_632="1540981245653" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">Elliott said an average Australian household with an income of $110,000 could theoretically borrow up to about $550,000 three years ago, but this maximum had now fallen to $440,000 for the same household.</p>
<p>"The reason for that is all of the myriad of changes that banks and regulators have made around borrowing capacity," he said.</p>
<p>ANZ has cut its interest-only loans by close to two-fifths over the past 18 months.</p>
<p>But it faces a crunch over the next two years as the volume of expiring interest only (IO) loans peaks.</p>
<p>The third-largest home lender on Wednesday said it had cut interest only loans to 22% of its home loan mix in the September quarter.</p>
<p>It was 36% in the March quarter last year.</p>
<p>Loans to investors slipped to 32% from 34%.</p>
<p>WA, the mining-dependent state, represents the worst part of ANZ's home loan portfolio.</p>
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ANZ faces crunch with property borrowers on interest only loans

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<p>The Reserve Bank of Australian has again noted its concern about the borrowers who have have taken interest-only loans.</p>
<p>There are around 1.46 million interest-only (IO) mortgages.</p>
<p>Some commentators reckon these loans are the making of a localised crisis the equivalent not seen since the 2008 United States subprime disaster which triggered the global financial crisis. </p>
<p>There's no doubting IO loans are potentially toxic or otherwise our regulators would not have hastened their recent crackdown.</p>
<p>The borrowers were initially tax minimising investors but a troubling number were then home buyers who took the cheapest borrowing route to upsize to the priciest home they could be calculated by their lenders to afford.</p>
<p>The RBA figures show around 30 per cent of mortgage debt as subject to the upcoming IO reset, with its peak in 2020.</p>
<p>The RBA estimates around $120 billion in IO mortgages will convert to back to the traditional principal and interest loans (P&amp;I) every year between now and 2021.</p>
<p>The sting in the tail of these lower-repayments IO loans is that they apply for typically five years.</p>
<p>At the end of that period, the repayments step up as instead of paying the principal off over 30 years, borrowers will be repaying it back over 25 years.</p>
<p>When IO loans reset it is estimated repayments will leap for the borrower by between 30 to 40 per cent.</p>
<p>The Reserve Bank admits these resets are an "area of potential concern".</p>
<p>They anticipate most borrowers "should be able to afford the step-up in mortgage repayments" because they have accumulated substantial prepayments.</p>
<p>But I'm not as optimistic given the landscape has changed in regard to lending capacity rules along with the deterioration in price growth.</p>
<p>Given lenders have already increased the rate of the interest for exisiting IO loans, the RBA had noted switching out was underway voluntarily.</p>
<p>And already some banks have spotted a small increase in arrears among borrowers switching to P&amp;I loans </p>
<p>"Partly, this was borrowers taking time to adjust to the higher required repayments, but most subsequently returned to meeting their payments in full," the RBA acknowledged.</p>
<p>Because of the recent slowing in price growth, I'd suggest the prospect of negative equity could rear its ugly head just as borrowers wish to refinance, rather than cop the higher repayments.</p>
<p>Borrowers who bought before the tightening of lending criteria by the Australian Prudential Regulation Authority will no longer qualify for the same loan amount, due to serviceability issues.</p>
<p>So home owners and investors investors will face challenges rolling over or renegotiating their loans and holding onto their property, or property portfolio. </p>
<p>Treasurer Scott Morrison anticipates APRA's restrictions have reduced high risk activity in his desire for a "soft landing" for the housing market and Australian economy.</p>
<p>For borrowers the time for reviewing, planning and managing household budgets starts now.</p>
<p>This article was first published in the Saturday Daily Telegraph.</p>
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Interest only loans are a toxic ticking bomb for Australian economy

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<p>Interest-only loans fell sharply in the quarter ended September due to the Australian Prudential Regulation Authority’s steps to limit the high percentage of these risky loans by banks. </p>
<p>APRA’s September Quarterly ADI Property Exposures data shows interest-only loans have fallen to 16.91 per cent of new lending, down from 30.50 per cent last quarter, a drop of 44.84 per cent and a historic low in terms of percentage share.</p>
<p>The big four banks have reduced the share of new interest-only loans to 16.69 per cent, down from 31.47 per cent in the June quarter, a drop of 48.65 per cent, RateCity said in a media release, citing APRA data.</p>
<p>RateCity.com.au money editor Sally Tindall said the results were an emphatic win for APRA which, in March, had demanded banks limit interest-only terms to 30 per cent of all new lending.</p>
<p>“Today’s data is a slam dunk for APRA,” she said.</p>
<p>“This has been a colossal turnaround in the way banks view interest-only terms.”</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/12/5/RateCity1.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/12/5/RateCity1.png" alt=""></p>
<p><a href="https://www.propertyobserver.com.au/images/2017/12/5/RateCity2.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/12/5/RateCity2.png" alt=""></p>
<p>In June 2015, 45.65 per cent of all new loans approved by banks were interest-only. Today this has been reduced to under 17 per cent, she added.</p>
<p>“The RBA will also be relieved to see people committing to paying down their debt. Our household debt to income ratio is at a record high.</p>
<p>“This move away from interest-only lending should help bring this ratio down to more realistic levels.</p>
<p>“While new lending has been slashed, the banks still have a way to go to budge existing mortgage holders,” she said.</p>
<p>The latest APRA figures show that 35.35 per cent of all loans are still interest-only, a modest six per cent drop over the quarter.</p>
<p>RateCity data shows that on average banks are charging between 30 and 35 basis points more for interest-only lending, however this hasn’t promoted the majority of existing borrowers to start paying down their debt.</p>
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jonathanchancellor-7SQnKwU6yx

Interest-only lending plummets for new loans: RateCity

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<p>Westpac is cutting fixed interest rates on new interest-only loans by up to 0.4 percentage points.</p>
<p>Interest-only loans for owner-occupiers are being cut by 0.15 percentage points for two and three-year terms, to 4.09% and 4.19%, respectively.</p>
<p>Westpac said the lower rates would be available only to new customers, in a sign the lender is looking to grab market share from rivals.</p>
<p>It comes after several SMALLER banks have cut their fixed interest lending rates in recent weeks, with the Mozo comparison website, signalling lenders including Bankwest, CUA, Heritage Bank, ME Bank and Teachers Mutual Bank all reduced some fixed interest rates over the past month.</p>
<p>Westpac-owned brands are joining smaller rivals by cutting fixed rates across two and three-year terms, for both owner-occupiers and property investors.</p>
<p>Westpac-owned St George, Bank of Melbourne and BankSA have cut rates on two-year fixed loans for investors paying only interest by 0.4 percentage points, to 4.09%.</p>
<p>Fairfax Media recently noted fixed interest rates are set off bond rates, and tend to move in response to expectations about the future direction of the cash rate. </p>
<p>A note to mortgage brokers said the deepest cuts would be for interest-only loans, where the Australian Prudential Regulation Authority had forced banks to clamp down earlier this year because of "heightened risks" in the housing market.</p>
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