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The major banks have come under scrutiny for tightening lending criteria too far after ABS data yesterday revealed a significant collapse in new dwelling approvals.
New home approvals fell 3.7 per cent in January- the seventh consecutive monthly decline – with units falling a hefty 15.4 per cent.
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Aaron Gadiel, CEO of property development industry group Urban Taskforce, said the big banks needed to take responsibility for the grim result.
“Despite benefitting from sweeping government guarantees – banks are refusing to lend for development projects,” he said.
Meanwhile banks’ credit policies for small businesses will be the topic of a summit to be held in Melbourne today on concerns that small businesses – the backbone of the economy – are also struggling to raise funds.
