Tougher income checks, closer scrutiny of spending, bigger deposits and tougher loan conditions are being used as rates further rise.
Lenders get toughIncreasing deposits and reducing the amount lenders can borrow;
Replacing the ATO notice of assessment, which reflects taxable income after deductions, with the more up-to-date income statement that shows year-to-date salary and wages plus any withheld tax. Household budgets will continue to be squeezed as rising energy costs and continued inflationary pressures are expected to push inflation to about 7 per cent later this year, the Reserve Bank of Australia says.
For the same family with a pre-tax income of $400,000 the reduction rises to more than $515,000, or about 18 per cent.
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