Mr. Robert Mulhall:

The new market. We are particularly strong in the overall first-time buyer market, in which we are in the high 40s in percentage terms. First and foremost, we are very active in this market.

The Senator mentioned the building of deposits and inherent rental costs, which are an issue. With every other lender, we are subject to macroprudential rules to ensure applicants have accumulated deposits. That is non-negotiable and we must ensure they have such evidence. Beyond that and assuming they pass that hurdle, our threshold is linked with affordability. As part of the credit criteria we take into account current spending patterns and what will be displaced when applicants move from rental accommodation. They must be able to demonstrate affordability, repayment capacity and deposit accumulation.