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Australian’s Westpac Clamps Down on Mortgage Lending to Foreigners

Australian’s Westpac Clamps Down on Mortgage Lending to Foreigners

Westpac is clamping down on mortgage lending to foreigners as concerns about the health of the nation’s housing market rise. Westpac Banking Corp will no longer lend to offshore customers who aren’t citizens or don hold appropriate residency visas. Commonwealth Bank of Australia, National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd have all tightened funding to overseas customers.

“ 55 percent jump in home prices across the nation’s capital cities in the past seven years ”

~ Bloomberg

The changes made by the biggest banks in the country are part of a broader scrutiny of foreign buying of Australian homes, which has helped drive a 55 percent jump in home prices across the nation’s capital cities in the past seven years

Related Reports: Bloomberg, Australian Financial Review, Reuters

 

About Westpac

Westpac Group’s portfolio of financial services brands and businesses is focused on our vision to be one of the World’s great service companies, helping our customers, communities and people to prosper and grow. From ensuring consumer customers can save and invest with confidence, to serving the financial needs of multi-national corporate, institutional and government clients, we put our customers at the centre of everything we do.

In supporting our vision, our structure is designed to accelerate the Group’s customer focused strategy by better aligning our business with key customer segments.  The structure involves 5 key divisions including:  Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand.  Through these 5 divisions we serve over 13 million customers.

Visit: Westpac


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