McCrann: Banks to hike on all mortgages

Monday, 3 August 2015

From our Tezza:

Surprise, surprise, the banks needed no further encouragement. Big Mama APRA had said they could increase their investor loan rates and away they all went — with AMP making a meal of it by going up 47 points.

But did APRA expect the bank to be hiking their investor rates on existing loans? Because that is inconsistent with what it said in its submission — that it was about “dampening demand” for “new” loans?

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.