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Totus Capital long-short fundie Ben McGarry says 2022 was as good as it gets for the big four, as competition in the mortgage markets heats up.
Almost 50 lenders are offering incentives ranging from three years of free NBN access to $10,000 in cash in an aggressive bid for market share.
Banks are writing mortgages below the cost of capital, raising questions about fighting too hard over $350 billion in fixed-rate loans rolling off this year.
More analysts expect APRA to reinstate a 7 per cent interest rate “floor” to assess mortgages while reducing a buffer to allow customers to borrow more.
Barrenjoey’s Jon Mott says APRA’s chairman is pointing to a reduction in the 3 per cent loan serviceability buffer – but also the reinstatement of a 7 per cent floor.