From the AFR:
The National Australia Bank has joined the three other big Australian banks to curb lending to foreign property buyers without domestic incomes.
NAB is the last major bank to restrict foreign lending, after the Commonwealth Bank, ANZ and Westpac progressively changed their rules over the last two months.
After the last major bank – Westpac – ended foreign lending in late April, National Australia Bank said it would continue to review foreign loan applications on a case-by-case basis but maintained a strict maximum loan-to-value ratio (LVR) to foreign borrowers at 60 per cent, from 80 per cent.
On Monday, NAB told The Australian Financial Review it would now only consider foreign home loan applications to applicants who have existing Australian income.
“NAB continually reviews its policies to ensure we continue to lend responsibly, and respond to changing market conditions and regulatory requirements,” a spokeswoman said.
I guess it didn’t like what it saw on a “case-by-case” basis.
