The scrapping of the interest rate floor five years ago has led to 'bad outcomes' for many Australians who secured ultra-cheap home loans during the pandemic, says a former head of credit risk at the nation's financial regulator.
abc.net.au/news/former-apra-bank-regulator-mortgage-cliff-interest-rate-floor/102275108The architect of a crucial safeguard designed to protect the banking system from the risk of a widespread mortgage crisis says it should never have been abolished by the financial regulator.
Its removal was welcomed by then-treasurer Josh Frydenberg "as a positive development" that would "spur lending growth". The COVID-19 property boom is set to bite back against hundreds of thousands of borrowers holders over the next year.
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