Westpac joins stampede behind APRA’s property investor line

Last week CBA, NAB and ANZ all capitulated to APRA on its 10% line on the sand for property loan portfolio growth. Today it’s a full house, from the AFR:

Westpac is cutting the lucrative interest rate discounts offered to new housing investors, as lenders act to slow the rapid growth in lending to property investors by charging them more for credit.

As regulatory pressure on banks ramps up over concerns about Sydney’s red-hot housing market, the country’s second biggest lender on Tuesday said it would reduce “pricing discretions” on a range of loan products for property investors.

Westpac was at 10.4%:

Capture

Macquarie Bank is looking very, very naked:

2

Jack capital on it, APRA!

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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