A group of financial brokers has said the Central Bank’s lending restrictions have created greater discrimination in favour of those in better paid jobs.

The Professional Insurance Brokers Association says six in 10 mortgage applicants accept it will take them much longer to save for a deposit.

The group said the remainder will do whatever it takes to get their down-payment together, including getting help from parents or other family members.

PIBA said the 3.5 times loan-to-income ratio is too simplistic, and points out that those with higher income may have more dependents, so their mortgage may be less affordable than for a lower paid worker with no dependents or other loans.

The group wants the Central Bank to reduce the 20% deposit requirement to 10%, with the maximum loan being increased from 3.5 to 4.5 times income.