Prepare for a Gotti and Highrise Harry conniption, from the AFR:
Westpac Bank and all banks in the Westpac group including St George Bank, Bank of Melbourne and BankSA have ceased lending to all foreign residential property buyers.
The bank joins ANZ and the Commonwealth Bank in the latest round of foreign lending tightening.
“In line with Westpac Group’s responsible lending practices, we have strengthened our policies regarding non-residents lending and foreign income, which represent a very small component of our loan book,” a Westpac spokesman said.
The Westpac Group will no longer accept mortgage applications from non-residents, home buyers with foreign self-employed income and those who hold temporary visas in Australia.
Local applications that include foreign income will be given a lower loan-to-value ratio of 70 per cent, down from 80 per cent.