PHOTO: Owning a home is set to get easier. Picture: iStock. Source: istock

New changes to lending criteria will give potential buyers the opportunity to borrow more, providing them with a better chance to achieve home ownership.

Our household debt is very high, but home loan borrowers have been afforded the opportunity to borrow more.

The Australian Prudential Regulation Authority (APRA) has agreed banks can reduce their current serviceability assessments when processing home loans.

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APRA’s revision will mean that more customers can more easily achieve home ownership or that next upgrade. It has been calculated some home buyers will be able to secure loans some 14 per cent higher than under the prior rules, which is a nice buffer when turning up to Saturday auctions.