According to Centrix data, low-risk borrowers have seen their chance of getting a mortgage approved go down.
People with low credit scores? They weren’t getting approved for mortgages anyway!
But with the Minister’s announcements, change is on its way. The real question is whether these tweaks will actually make a difference to you as an investor?
Well, it’s not time to let down your hair and party (aka. borrow) like it’s October 2021. At least, not just yet.
A press release does not mean an immediate change to lending rules. The devil will be in the detail … once it is finally released.
That will come when the Council of Financial Regulators (the big wigs who make the lending rules) finish their review of this law.
I expect to see lending get substantially easier in 6 months.
But, that doesn’t mean that the game’s over, and you should give up on growing a property portfolio. There are 6 things property investors should keep in mind –