Fed: Aussie Home Loans' Symond says we're 'maxed out' on credit

AAP General News (Australia)
08-19-2007
Fed: Aussie Home Loans' Symond says we're 'maxed out' on credit

Aussie Home Loans chief JOHN SYMOND says Australians are maxed out on credit .. and
lenders must tighten up their borrowing rules to prevent more Australians going broke.

Following a volatile week on the share markets .. blamed on problems in the US home
loans market .. Mr SYMONDS says the Australian economy is strong.

But he says lending criteria have been greatly relaxed as lending institutions compete
for business.

He says consumer debt has increased nationally by 400 per cent .. and in New South
Wales it's closer to 500 per cent.

Mr SYMONDS warns that particularly some young people who have borrowed too much ..

will be caught out as interest rates rise.

AAP RTV jrd/wz

KEYWORD: MARKETS SYMOND (MELBOURNE)

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