It really is a double whammy kind of situation for consumers getting that bond approved these days.
As consumers we are feeling the pinch in as far as our financial situation goes trying to meet all those debt obligations. This is getting to the point where even if you had budgeted “correctly” a year ago, you most likely will find yourself in the redline if not over exposed. On the other hand the credit granting law has changed requiring banks to consider “true affordability” and no gestimates when assessing whether to grant a mortgage / home loan.
A good source for tracking the extent of these effects is First National Bank’s Property Barometer report, published quarterly.
Click here to continue reading ‘The effects of interest hikes and the NCA on the property market’
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