By: Staff Reporter
The majors’ tighter lending criteria is not expected to improve in the “foreseeable future”, according to Aussie’s chief executive Stephen Porges.
Mr Porges told News Limited that he couldn’t see the tougher lending criteria imposed by the banks improving within the next two years.
“Banks can afford to be much more selective in where they give their debt funding,” he said.
“People talk about credit markets opening up. Yes, they are, but they were closed [before]. Opening up just means you have a crack in the window.”
Smartline’s managing director Chris Acret agreed and said tougher lending criteria would stay in place over the longer term, blaming the tighter credit markets.
Mr Acret said credit markets were still tight and hard for lenders to tap into, which in turn makes life hard for borrowers and brokers to find the best loan.