At the Sydney Property Ownership Summit in Sydney, government officials and governments raised concerns over the possible impact of tight lending restrictions on the housing market. and the economy in general.
Mirvac's executive director, Susan Lloyd-Hurwitz, was one of those who criticized the overly strict loan restrictions, saying these restrictions are very distressing for customers.
"Personally, I just installed myself and the process was very painful.It is a torture.People tell us that the number of coffees they drink is rated It may seem foolish to see how much it is scrutinized, "she said.
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Lloyd-Hurwitz stated that strict credit rules could affect the supply of housing.
"In Australia, the credit history is very good and is one of the lowest credit loss rates in the world, and we will soon be facing a shortage of supplies," she said.
One of the issues raised was the appeal of the Australian Securities and Investment Commission (ASIC) against the dismissal of its complaint against Westpac for approving mortgages without proper credit checks. Stockland President Mark Steinert said it was "really problematic" and that it seemed that regulators were not interpreting the law correctly when they were looking at how the banks were doing. evaluate mortgage applications.
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"As the treasurer has said, caveat emptor – we must allow a judgment on lending if we want the capital system to work effectively," he said.
Treasurer Josh Frydenberg warned regulators not to be "excessively shy" in enforcing loan restrictions, saying it could further weaken the country's economy.
"If responsible lending laws were applied too strictly, they would also have a negative impact on consumer behavior and it is in everyone's interest that the aspirations of hard-working families are not collateral damage in this regulatory process, "he said.
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