Commonwealth Bank and Westpac parted ways with NAB and ANZ in the first home buyer dispute

The country’s largest property lenders, Commonwealth Bank and Westpac, have broken away from their peers and the industry lobby to support the current credit buffer, while others complain that it locks first-home buyers out of the market.

The two largest mortgage lenders told a parliamentary hearing on Thursday that changes to the so-called serviceability buffer – a rule that requires them to assess whether borrowers can repay a loan at an interest rate three percentage points above current levels – would be inappropriate.

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