Early Edition with Kate Hawkesby

A major bank has increased its test rate, which is the rate at which it checks that borrowers can afford a loan.   ANZ has upped it to 9.1%.   That's despite home loan rates sitting around 7% for a two-year fix.    Key Mortgages mortgage broker Jeremy Andrews told Kate Hawkesby that it's the first bank to make such a move in decades.   He says interest rates have been going up since Covid came along, so test rates have too.  LISTEN ABOVE See omnystudio.com/listener for privacy information.