17 October 2012 6:58am

Lenders are being more selective about their housing finance commitments, with the result that increasing numbers of borrowers are unable to refinance. Average loan life has increased from under four years to more than five years since the middle of the last decade.

These are among the findings of the latest JP Morgan mortgage industry survey, which was released yesterday.

The principal of Digital Finance Analysis, Martin North, said many people were being locked out of the mortgage market because they have insufficient income under new tougher serviceability...