borrower

The president's campaign promises included calls for lower interest rates in order to bring relief to borrowers.

However she said only 6% of all deals available to borrowers across fixed and variable mortgages had a deposit requirement of 5%, so there was still "room for improvement".

However, the lowest rate deals will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee.

This is a huge shift because most student loan repayment or forgiveness programs are only available for borrowers with federal loans.

Director Mr Smith said the "situation highlights a broader issue within the unregulated property development finance sector" and claimed lenders can exert pressure on put development companies "to extract additional fees and penalties from borrowers".