The Australia and New Zealand Banking Group (ANZ) has unveiled tighter lending policies for apartments in certain postcodes of Perth and Brisbane.
In a broker note sent out on Friday (22 September), the bank announced it would restrict owner occupier and investment lending to a maximum 80% LVR for all apartments within the following inner city Brisbane postcodes: 4000, 4006, 4010, 4011, 4014, 4102, and 4171.
ANZ will also restrict investment lending to a maximum 80% LVR for all apartments within the following inner city Perth postcodes: 6000, 6004, 6104, and 6151.
“This update for a handful of Brisbane and Perth locations is part of our ongoing efforts to ensure we are lending responsibly and in consideration of all our regulatory responsibilities,” an ANZ spokesperson told Australian Broker
“We regularly look at a number of factors in relation to residential apartments to make sure we are meeting our responsibilities including supply and demand, rental yield, vacancy rates, and location.”
The changes will come into effect from 2 October and will impact all residential units including off-the-plan and non-standard small residential properties less than $3m. Standard residential homes including townhouses, granny flats and bungalows will not be affected by the change.
All applications submitted prior to 2 October will be assessed under ANZ’s previous policy. Application extensions must be completed by 6 November if brokers want the previous policy to apply.
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