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Australia home price surge may tighten lending

Prices are rising because of the very low interest rates, says ANZ chief

[SYDNEY] Banks may tighten lending standards and buyers turn cautious if a surge in Sydney house prices spreads to other capital cities in Australia, the country head of the nation's third-largest lender by market value said.

"These price rises are there because of the very low level of interest rates and we need to be mindful of what's going to happen as rates rise," Philip Chronican, chief executive officer for Australia & New Zealand Banking Group's Australian operation, said last Thursday.

"We've...

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