MB may owe Wayne Byers a small apology

Not a large one. He should still get the boot. But a report today at Banking Day shows why some backtracking may be in order:

Around 100,000 Australian home borrowers could be hit with rate increases on owner occupier mortgages after up to A$70 billion worth of home loans were reclassified as investment borrowings by the banking regulator.

Details of the potential mortgage time bomb were confirmed to Banking Day yesterday by major banks.

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