Home Loans Now Only Accessible to the ‘Rich,’ ANZ Boss Says of Economy

‘If you want a loan, you have to be better off and essentially rich,’ ANZ CEO Shayne Elliott said.

A general view of homes in McMahons Point in Sydney, Australia, on May 5, 2022. Brendon Thorne/Getty Images

ANZ CEO Shayne Elliott said home loans are now the “preserve of the rich” as everyday Australians are increasingly being priced out of the housing market.

Mr. Elliot said Australians looking to buy a home face the most challenging conditions in three decades.