In their struggle to cool red-hot property prices in Australia's big cities, authorities are ratcheting up measures that could dent the whole market but avoiding more targeted steps that have had some success in New Zealand and China.
Australian regulators first focused on reining in investment loans nationally in 2015, by imposing an annual limit of 10 percent on how much banks could expand their investor loan book.
Those steps worked for a while, but the heat is on again in Sydney, where prices are rising almost 20 percent a year, having more than doubled since 2008, and Melbourne, where the pace is over 15 percent, according to property consultant Core Logic.
That and all-time high household debt prompted the Australian Prudential Regulatory Authority (APRA) to move again on Friday, asking banks to limit new interest-only loans to 30 percent of total new mortgage lending, from 40 percent now, and promising a lot of "monitoring", "scrutinizing" and "observing".
Industry players doubt that will do the trick.
"I personally don't think this will have a material impact," said Simon Orbell, director at Sydney based mortgage broker Smartmove, as prices kept rising even though it was already a tough lending market.
"Maybe more needs to be done," he added.