A pending crackdown on bank lending to riskier investor and low-deposit borrowers is being spearheaded by a special regulatory working group set up last week following direct intervention by the Treasurer Scott Morrison.

The group whose members are understood to be made up of officials from the Council of Financial Regulators – ASIC, APRA and the Reserve Bank of Australia – are expected to move on imposing tougher lending rules on the banks imminently.