(Reuters) – National Australia Bank (NAB) on Friday said it would refresh its approach to like-for-like refinancing criteria to help customers who would otherwise fail to meet an industry standard that assesses their ability to repay loans.

“We will be refreshing our existing approach to support eligible refinance customers switch to NAB, who are considered a good credit risk but may not fully meet standard lending criteria,” the bank said in an emailed statement to Reuters.

The Australian Prudential Regulation Authority (APRA) advises banks to extend loans to customers only if the bank believes they can repay at three percentage points higher than current market rates.

The country’s “Big Four” banks have publicly called on APRA to ease the rule amid a high interest rate environment, with the Reserve Bank of Australia’s cash rate at an 11-year high of 4.10%.

They argue that some people who took out a loan before the central bank started policy tightening are unable to refinance because they would fail the 3% serviceability test.

Last month, top lender Commonwealth Bank of Australia cut its buffer rate for some borrowers refinancing their existing home loan to 1% from the industry standard of 3%.

Westpac Banking Corp, the country’s second-biggest mortgage provider, in May said it would offer a modified serviceability assessment rate.

After NAB, ANZ Group Holdings is the only bank left among the top four to ease refinancing loans criteria for customers unable to meet APRA standard.

ANZ did not immediately respond to a Reuters request for comment.

NAB said the changes to its refinancing criteria will apply from July 21, but added that it will take a “case-by-case” approach when assessing appropriate serviceability.

(Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru; Editing by Varun H K)

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