{"id":10776,"date":"2017-03-20T07:00:29","date_gmt":"2017-03-19T20:00:29","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10776"},"modified":"2017-03-20T07:00:29","modified_gmt":"2017-03-19T20:00:29","slug":"how-effective-are-the-regulators-brakes-andrew-mirams","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-effective-are-the-regulators-brakes-andrew-mirams\/","title":{"rendered":"How effective are the regulator's brakes? – Andrew Mirams"},"content":{"rendered":"

A lot is being spoken about what the regulators are doing now to slow down investor lending so how effective has it been and what more are they likely to do.\u00a0 Hear what our finance expert, Andrew Mirams<\/strong>, has to say.
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 There\u2019s a lot of talk about the regulators are doing and how much they\u2019re pinning down investor lending, and without investor lending, obviously, we\u2019re not going to have investors. Without investors, we\u2019re not going to have rental properties. So, I\u2019m just curious to know if the regulators have really changed investor lending all that much. I want to pose that question of Andrew Mirams, regular contributor for us in the show. Andrew, of course, from Intuitive Finance.
\nAndrew, can you answer that question for me? Have they really changed investor lending that much?
\nAndrew:<\/b>\u00a0 Good day, Kevin. Yes, it has changed quite a bit.
\nKevin:<\/b>\u00a0 Has it?
\nAndrew:<\/b>\u00a0 In the last couple of years, we\u2019ve had a fair bit change going on in our markets where just all the lenders are being scrutinized a lot more. And to be honest, a lot of it is for good. We don\u2019t want boom-bust cycles, so really they\u2019re looking at just trying to moderate the markets and make sure people aren\u2019t over committing themselves. So things have changed.
\nKevin:<\/b> \u00a0How are they doing that? Are they doing it by restricting the banks in terms of how much they can lend to how many people?
\nAndrew:<\/b>\u00a0 Yes. Some of the things they\u2019ve done\u2026 When we talk about the regulators, we\u2019re talking APRA (Australian Prudential Regulation Authority, ASIC) and the Reserve Bank, and they\u2019re called the Council of Financial Regulators. They\u2019re all basically looking and saying, \u201cWe need to make sure we have a balanced market.\u201d
\nSo what are some of the things that they have been doing? The first thing they took the bat out to was high LVRs. Investors who are buying off the plan or buying investment property at 95% and 97%. The first thing they said was \u201cNo. We think that\u2019s dangerous. That\u2019s fraught with danger. Any little market movement, you\u2019re going to be sitting on clients with negative equity.
\nAnd that\u2019s probably happened in some of the mining towns in the boom-bust cycle we\u2019ve seen in outer Australia, in WA and Queensland, where people have really leveraged in when things were going well and now a lot of those clients are sitting on negative equity.
\nThat was the first thing they changed \u2013 the maximum loan-to-value ratio for how much lending you could get against a property as an investment, and that\u2019s now limited back to 90%, and even some lenders went beyond that where they had larger exposure and limited that back to 80%.
\nThe next thing the lenders did was start to then look at some postcodes and where they might have exposures and things like that. Again, this is being driven from the top down, so they\u2019re saying, \u201cLook, where do you think you have exposure? You need to start limiting that.\u201d
\nThe banks then started to look at a whole range of postcodes across the country, not probably by surprise, Kevin, where we a lot of cranes up on corners and a lot of development going on. And the banks have now said \u201cYou know, we have a really high exposure in certain postcodes. It\u2019s a bit like a house of cards that if one was to fall, gee, maybe we\u2019re at risk with all these things, and if people all walk away from them, we have a real issue in holding that sort of property.\u201d So they started to restrict then on postcodes. The banks have probably done that themselves, just looking at where they may have exposures.
\nWhat a lot of the lenders were doing and what APRA in particular asked all the lenders then to do was \u201cHere are six scenarios. Send us in your lending calculators.\u201d What they were able to ascertain was there was a massive difference. There were hundreds and hundreds of thousands, and you\u2019ve heard me speak, Kevin, about getting to the right lenders first and things like that in the past.
\nAPRA came out a bit more than a year ago, probably the start of 2016 or late 2015 and said on the record, \u201cWe don\u2019t want lenders to compete on servicing calculators. They should be competing on product and price.\u201d A little bit anticompetitive because some of the niche players can\u2019t compete with the big banks, but they\u2019ve come out and said that.
\nSo what they did was a lot of those niche lenders and the ones that were investment-friendly used to factor in and service debts on actual debts. Now, they\u2019re all made to service over the balance of the remaining term.
\nSo, if you take a 30-year loan with 5 years interest-only, you have to service it at 25 years, so it\u2019s actually now a shorter term, and then they buffer up the interest rate, of course, so work on and better average rate of 7.5%. If you can\u2019t afford to pay your loan off over 25 years at that rate, now the lending is restricted.<\/b>
\nThat\u2019s probably been one of the biggest things, and that really affects our larger portfolios. If you start putting principal and interest across some significant portfolios, that have a real impact.
\nKevin:<\/b>\u00a0 Just on that point, Andrew. That buffer that you\u2019re talking about there, is that easy to find out? If I\u2019m doing a calculation as to how much I should go to the bank for, that buffer that I will need to allow for, how do I find out what that is, and does it vary?
\nAndrew:<\/b>\u00a0 No. That\u2019s something that, again, I guess we know as brokers and bankers know, because a bank will know their own one. Brokers, we all know what they are because we have access to those tools. But the mom-and-dad client \u2013 and we\u2019ve been seeing this a lot in the last 12 months \u2013 they just can\u2019t understand why they can\u2019t get money when it\u2019s not really costing anything, because we have record low interest rates. If you have some debit at interest-only, largely your rent and costs and everything are a paying for the loan.
\nWhen we have to deliver the news that sorry, we can\u2019t get you another loan, clients look at us quite puzzled, saying, \u201cHang on, it\u2019s not costing me anything.\u201d When we take them through the calculations and explain that it\u2019s anywhere between 7.25% up to 8% the banks are servicing at, so almost double your actual interest rate, over a shorter term, and now there are some other restrictions around your income source and things like that, it has quite a significant impact in such a short period of time.
\nKevin:<\/b>\u00a0\u00a0 Andrew, let me take you back a little bit. We talked at the start about those regulators and LVRs and the postcodes. Is it also determined by the style of property? In other words, are they getting very nervous about units in some of those postcodes?
\nAndrew:<\/b>\u00a0 It\u2019s pretty well documented, I think, in a couple of our more popular cities, but even in Perth, we\u2019ve seen the downturn in Perth through the mining boom finishing and then the amount of development coming to fruition there. Melbourne and Brisbane, there\u2019s probably a whole lot of property coming to the market.
\nThere are a couple of other factors that probably affect that. That\u2019s our overseas and non-resident buyers who have gone to the Foreign Investment Review Board, been approved to buy a property here but now just by virtue of finding some errors in probably the way that the Australian lenders would look at the way they need to prove their income versus some of the overseas borrowers not being able to meet those criteria and some of the measures that were being taken to meet that.
\nThose are now being restricted, so that probably means that some of them won\u2019t be able to complete the purchase when the units come to fruition, and that\u2019s going then also have an impact on the rest of the markets because where there\u2019s a ripple, a wave appears.
\nKevin:<\/b>\u00a0 Andrew, we\u2019re out of time but it\u2019s great talking to you, mate. Thank you. And obviously, there\u2019re a lot of levers there that get pulled that will change how lenders lend to both investors and to owner-occupiers. It\u2019s a fascinating conversation.
\nAndrew, thanks for taking us into so much detail there. I appreciate your time.
\nAndrew:<\/b>\u00a0 Our pleasure, Kevin. I still think there\u2019s a little bit more to come through 2017, so it should be interesting.
\nKevin:<\/b>\u00a0 All right. Interesting. We\u2019ll touch base with you in the weeks and months ahead, just to keep an eye on that. Andrew Mirams has been my guest. Andrew, of course, from Intuitive Finance, and you can see a lot of additional posts on our website as well \u2013 RealEstateTalk.com.au \u2013 from Andrew and Intuitive Finance.
\nAndrew, once again, thanks for your time.
\nAndrew:<\/b>\u00a0 Pleasure, Kevin. Thanks.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

A lot is being spoken about what the regulators are doing now to slow down investor lending so how effective has it been and what more are they likely to do.\u00a0 Hear what our finance expert, Andrew Mirams, has to say. 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