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Banks given new borrowing rule as Australian house prices soar

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Apra tells banks to check new borrowers can pay higher interest rates on mortgages

The Australian Prudential Regulation Authority has told the banks it expects they need to assess new borrowers’ ability to meet their loan repayments at an interest rate that is at least three percentage points above the loan product rate.Sign up to receive an email with the top stories from Guardian Australia every morning

 

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