what's going on? Australian banks suddenly tightened mortgages! Down payment must be 20%‏

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"Chinatown"-Official media of Chinese Australians
Here comes the bad news:
One of Australia's largest banksWestpacSuddenly announced that the local (PR and Australian)Investment housingThe loan-to-value ratio (LVR) of the loan is limited toUp to 80%. (Previously 90%)

Westpac announced that local AustraliansWhen applying for an investment property loan, at least a 20% down payment is required. This requirement will take effect on July 2015, 7.

According to the latest monthly banking statistics from the Australian Prudential Regulation Authority,Westpac is currently Australia's largest lender of investment loans.In May, Westpac issued loans to investors as high as1509 billion, Accounting for total investment loans32%, Higher than the second-ranked Federal Bank18%, The Commonwealth Bank loaned out in May1279 billion.


According to a briefing from Westpac Bank to brokers, somePortfolio loan(which isInvestment and Ownership) Will also limit the loan-to-value ratio to the highest80%.


Do not understand? The editor will briefly explain to you:

There are two types of loans to buy a house in Australia, one is"Investment type"(You buy it as an investment, and you can’t live it yourself); the other is"Self-occupied"(I bought it and lived it myself).


In this year7/8before,Non-Australian citizensIf you buy a house loan in Australia as an investment,The maximum loan amount is 80%;andCitizen or PR ownerIf you buy a house as an investment,The maximum loan amount is 90%.

And from this year7/8after,Citizen or PR ownerHome investmentMaximum loan amount from 90%Down to80%.


In other words, you had to buy a house of 90 yuan before, and if you were lucky, you could borrow up to 81 yuan; but after the new policy was introduced, you could only borrow up to 72 yuan.

Specifically, if you only apply for a portfolio loanMortgage a property,thenLoan-to-value ratio up to 80%; If there isMultiple propertiesAs collateral, andAt least one mortgaged property is owner-occupied.The current policy still applies, Instead of the 80% loan-to-value ratio ceiling.

According to the editor, this measure is to curb the rapid rise in Australian housing prices. You may only get 70% or 60% of the loan at some point. So, buy it and cherish it!

Article reprinted fromMicro Sydney

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