interest rates to 3.00%. 2013 April - Glenn Stevens is re-appointed as RBA Governor for 3 more years. May - The RBA cuts interest rates to 2.75%. August - The RBA cuts interest rates to 2.50%. November - Statistics released by the Australian Prudential Regulation Authority revealed that the total amount of residential term loans to households held by all ADIs (authorised deposit taking institutions) was $1.15 trillion. This was an increase of 1.7% on 30 June 2013 and an increase of 7.5 in September 2012. Furthermore, investment loans accounted for 33.1 per cent of the loans. Major banks held $933 billion of these loans. 2014 1 January - RP Data reveals that national residential prices increased by 9.8% in 2013, with Sydney increasing by 15.2%. 13 January - Housing Finance statistics released by the Australian Bureau of Statistics shows the value of outstanding home loans financed by the ADIs was $1.27 trillion. $849 billion of that amount was for owner occupied housing and $419 billion was for investment housing loans. Data released by RP Data, APM, Residex and ABS in 2014 showed that Australian house prices continued to rise strongly throughout 2013 and 2014. 2015 The International Monetary Fund sends an economic team to Australia to examine "the risks posed by property speculation and record-high household debt as part of a broad health check-up of the sagging domestic economy." The head of the Federal Treasury Department, and the Federal government's most senior economic adviser, John Fraser publicly warned that Sydney and more expensive parts of Melbourne were experiencing a bubble. This was disputed by members of the government including the Prime Minister and Assistant Treasurer. June - APRA 10% investment credit growth limit introduced. October - Macquarie Bank, a major Australian investment bank forecasted an end to property prices with "quarter-on-quarter house prices to fall from the March 2016 quarter before beginning to recover from June 2017, with a 7.5 per cent fall from peak to trough". Westpac Bank independently raised the rates on its standard variable mortgage by 20 basis points against the Australian Reserve Bank. This was the first rate rise by an Australian bank in five years. 2016 5 May - Philip Lowe appointed by Treasurer Scott Morrison as head of the RBA. May - From 1 July, "Foreign buyers will have to provide citizenship and visa details, as well as Foreign Investment Review Board clearance,