Home Loans Are for the Rich, ANZ Boss Says

ANZ CEO Shayne Elliott said home loans are now the “preserve of the rich” as everyday Australians are increasingly being priced out of the housing market. Mr. Elliot said Australians looking to buy a home face the most challenging conditions in three decades. “If you want a loan, you have to be better off and essentially rich,” he said. He said high inflation and strict lending regulations, such as assessing loan applicants based on a 3 percent increase in interest rates, prevent many from entering the market. People are “missing out on getting a home loan, running a business or getting a credit card, not because they’re bad people, but because regulation doesn’t allow banks to lean in and support those people,” he said....