Policy Changes

Major Bank Cuts Lending To 33 Postcodes

personOtto Dargan access_timeOctober 16, 2016

In a surprise move on Friday, National Australia Bank (NAB) announced that it was expanding its restricted postcode list to include many more inner city and regional areas. The bank will now restrict lending in these areas by requiring people to have a larger deposit or more...

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Is Your Property Located In One Of These Risky Suburbs?

personOtto Dargan access_timeSeptember 30, 2015

Did you hear? Your suburb may be on a list of high risk postcodes as identified by one of the Australia’s biggest banks! National Australia Bank (NAB) has identified 40 suburbs where “significant deterioration in credit risk has been observed” and a further 43 suburbs...

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Comprehensive Credit Reporting Is Here: Bad News For Borrowers?

personOtto Dargan access_timeJuly 30, 2015

One of the big four banks has flagged that it will start sharing much more information about customer accounts to credit reporting agencies as part of the so-called Comprehensive Credit Reporting (CCR) system from as early as August 2015. As more lenders get on board, it could...

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Are Lenders Cracking Down On Investment Loans?

personOtto Dargan access_timeMay 18, 2015

It could soon be tougher than ever to invest in property as Australian banks move to keep up with new regulatory changes aimed at pulling back on investment loans. So far, one major bank is no longer accepting 100% of your rental income when assessing your ability to repay the...

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Special LMI Offer For Professionals

personOtto Dargan access_timeJuly 1, 2014

One of our lenders has announced a special discount on Lenders Mortgage Insurance (LMI) for certain professionals who are applying for a home loan. Although this is a limited time offer, it is likely that the lender will extend the offer if it is successful. Which professions...

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Home Loan Using A Gifted Deposit

personOtto Dargan access_timeJune 19, 2014

Are you looking to a buy a new home? What if you don’t have any savings? Most banks require a 5% deposit to put towards the purchase price before they will lend to you. In the past, the banks had very restrictive genuine savings policies and would only approve individuals where...

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Borrow Up To 95% On A 457 Visa

personOtto Dargan access_timeJune 13, 2014

457 visa holders living in Australia can now borrow up to 95% of the purchase price of a home including lenders mortgage insurance (LMI) thanks to a recent policy changes with one of our banks. What does approval depend upon? Approval is still subject to your financial situation...

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Home Loan With Spouse’s Income

personOtto Dargan access_timeJune 11, 2014

Many couples choose to separate the ownership of assets from the source of income. For example, the husband may have a good income and the wife may buy the family home in her name with a home loan in both names. Unfortunately, many banks don’t like this structure or many of...

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APRA Tells The Banks What To Do

personOtto Dargan access_timeJune 5, 2014

Did you know that the Australian government monitors and reviews the lending criteria of the banks? The Australian Prudential Regulation Authority (APRA) released for consultation ‘APG 223 – Residential Mortgage Lending’, a draft prudential practice guide intended to...

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