Bankwest has announced it will slam the brakes on new investment lending and bring in additional charges for existing loans for property investors.
“[The bank] will no longer accept applications from new customers seeking to refinance their stand-alone investment lending from other financial institutions,” a Bankwest spokesperson told Australian Broker
The change affects a very small number of applications, they added.
Bankwest has also increased charges on investment loans by up to 60 basis points and introduced stricter terms and conditions for expatriate and overseas customers, reported the Australian Financial Review
The spokesperson said Bankwest would continue to “assess investment lending applications from current and prospective customers who meet relevant criteria within risk appetite”.
This aligns with regulatory guidance and the bank’s commitment to supporting a stable national housing market and sustainable economy.
“Bankwest will continue to monitor the impact this change has on customers and the market, in order to maintain prudent lending and a sustainable business.”
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