Forgoing your daily cappuccino from the cafe won t help you buy a house sooner - and nor will keeping your money under the bed.
Financial experts have debunked the myth that Australians can save up for a mortgage deposit sooner by giving up on little luxuries.
Buying a home with a backyard is certainly getting a lot harder with median Australian capital city house prices in February alone surging by 2.3 per cent to $723,607 - or by 4.4 per cent in just three months, CoreLogic data showed.
To get a loan, a potential borrower needs to save up at least $150,000 to cover a 20 per cent deposit and state government stamp duty.
The former head of the Australian Prudential Regulation Authority has added his voice to those predicting that the banking regular will have to consider putting the brakes on high-risk mortgage lending.
Base2Services has been audited and approved as an Australian Prudential Regulation Authority (APRA) CPS234 supplier to the financial industry.
This will allow the Melbourne-based cloud services company to work with companies whose information is subject to APRA regulations.
Compliance to CPS234 ensures that APRA-regulated entities, like financial institutions, insurance companies and superannuation funds have sufficient security for sensitive information and can quickly respond to attacks or breaches.
As these entities increasingly use third-party tools and services it is mandatory that third-party providers are also CPS234 compliant.
Base2Services managing director Arthur Marinis said the compliance certification also gives customers confidence that they are partnered with an organisation that understands modern security risks.
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