Aussie Banks Clamp Down On Foreign Property Buyers

Australian banks have introduced more stringent loan application rules for foreign property buyers, including the country’s four largest lenders – NAB, ANZ, Westpac and Commonwealth Bank, reported The Straits Times.

Among the tougher rules implemented in recent weeks include reducing the loan-to-value ratio from 80 percent to 70 percent for borrowers who rely on overseas income, and requiring face-to-face meetings with loan applicants.

Westpac also announced in late-April that it will no longer grant mortgages to non-residents, holders of temporary visas, or self-employed applicants whose earnings are derived from other countries.

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