Many banks and financial institutions in Australia have implemented tighter lending criteria, which have made it harder for customers to secure a good deal and compare mortgages.
Chris Acret, managing director of Smartline Personal Mortgage Advisers, said that while such changes have not made securing a mortgage an "insurmountable task", it is "certainly a lot more challenging and time-consuming".
Mr. Acret advised mortgage borrowers to take necessary steps to improve the likelihood of successful home loan applications, including seeking advice from specialists, cancelling unnecessary credit cards and consolidating loans.
Meanwhile, Stephen Porges, chief executive of Aussie Home Loans, said that he expected tighter lending conditions to continue. He added that every borrower should be aware that more banks are now changing their criteria "often and aggressively".
Additionally, a recent report conducted by the Sunday Telegraph showed that home loan rates in the country will rise to ten percent over the next two years.