APRA and ASIC put Banks on notice !

• Find the APRA letter sent to banks on http://goo.gl/AkmrTu

• Find the ASIC annoucement on http://goo.gl/8zACFH
  

APRA and ASIC made the headlines announcing the that they have put banks on notice, and they will be cracking down on high risk home lending.

The banking regulator APRA and the corporate regulator ASIC say they are taking coordinated action to ensure that banks and other lenders are not making home loans which borrowers might struggle to repay.

Interest-only loans reached a record high of 42.5 per cent of all home loans in the September quarter this year.