The Australian Prudential Regulation Authority (APRA) announced this morning that it would require an average mortgage risk weight of 25 per cent on residential mortgages, up from the current average of around 16 per cent.
The change applies only to the four major banks (ANZ, CBA, NAB and Westpac) and Macquarie Bank, which are the five institutions currently allowed to set their own mortgage risk weights.
Does anybody know the timeframe in which this has to be implemented?
APRA Mortgage risk weight increase to 25%
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