RBA deputy governor Guy Debelle says house prices could be impacted by tighter lending standards. Image: AAP/Morgan Sette.RESERVE Bank of Australia deputy governor Guy Debelle has warned of the risks to house prices if lending standards are tightened further as a result of the banking royal commission.In a speech in Sydney, Dr Debelle said tighter lending restrictions might have a bigger effect on the amount of funds an individual household could borrow, rather than the number of households that were eligible for a loan.“This, in turn, means that credit growth may be slower than otherwise for a time,” he said.“To me, that has more of an implication for house prices, than it does for the outlook for consumption.”GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERERBA deputy governor Guy Debelle says house prices could be impacted by tighter lending standards.When it comes to interest rates, the RBA looks set to stay on the sidelines for the foreseeable future, with Dr Debelle stressing that the official cash rate was likely to remain steady this year and into next.“If the economy continues to evolve as expected, higher interest rates are likely to be appropriate at some point,” he said.“Notwithstanding this, the board does not currently see a strong case for a near-term adjustment in the cash rate.”Despite the solid outlook, Dr Debelle focused on risks, such as US-triggered inflation that would drive up global interest rates and push the Australian dollar down. FLOOD SUBURBS NOW BEATING REST OF BRISBANERBA deputy governor Guy Debelle says tighter lending standards could impact house prices. Photo: Penny Stephens.More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoDr Debelle highlighted the risk posed by Australia’s high levels of household debt, saying it could weigh on consumer spending if borrowing costs were to rise suddenly.“Household income growth has been subdued for a number of years, which means that a number of households may be carrying a larger mortgage for longer than they expected when they took out the loan,” he said.“While they can service the mortgage, it has consumed a larger share of their income for longer than they might have intended.”HOMELESSNESS A ‘NATIONAL DISGRACE’The RBA is expected to leave interest rates on hold for longer than first thought. Image: AAP/Dean Lewins.Commenting on the recent regulatory pressure on banks to tighten lending rules, Dr Debelle downplayed the likely impact of resets to interest-only loans to more traditional principaland interest loans.“These can see the required mortgage payments rise by nearly 30-40 per cent for some borrowers,” he said.“Our assessment is that there are quite a few mitigants which will allow these borrowers to cope with this increase in required payments, including the prevalence of offset accountsand the ability to refinance to a principal and interest loan with a lower interest rate.“While some borrowers will clearly struggle with this, our expectation is that most will be able to handle the adjustment so that the overall effect on the economy should be small.”The RBA has kept the cash rate unchanged at a record-low 1.5 per cent since 2016.