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Major bank announces lending restrictions for foreign buyers

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Australian Broker | 29 Jul 2015, 08:01 AM Agree 0
A major bank has announced changes to its lending practices governing foreign buyers, in response to APRA’s push to rein in the levels of finance being supplied to investors
  • Chris C | 29 Jul 2015, 09:28 AM Agree 0
    A 'reminder' for brokers to operate within the rules ??? Westpac is obviously accepting and approving these loan applications and FIRB rules are quite explicit - Westpac may need to remind themselves to operate within the rules rather than shifting the blame onto 3rd parties. Although the Broker should of course recognise and act accordingly with any FIRB positions, the Bank has the ultimate responsibility to approve or decline loans - not the Broker.
  • Don | 29 Jul 2015, 10:48 AM Agree 0
    @Chis when I can't get a client through the keeper, I send them direct to a Westpac or NAB branch to get it approved within a day. The banks play their own "rules" within the branch.
  • Jenese Malone | 29 Jul 2015, 12:31 PM Agree 0
    Very short sighted as the investment buying frenzy is restricted to mainly the chinese and in Sydney. Why punish other areas and countries?
  • Spring-A | 29 Jul 2015, 12:39 PM Agree 0
    Unlike ANZ who are offering property loans to Singaporeans for 2-years fixed rate at 1.88% p.a.

    I'm pretty sure Australians would like access to such a low rate of interest.
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