NAB completes Chinese property buyer shutout

Thursday, 12 May 2016

National Australia Bank will follow its peers in tightening lending conditions for Chinese buyers, a move that could delay or derail dozens of impending settlements according to one mortgage broker.

The new rules, to come into effect on May 14, will see NAB only lend foreign buyers 60 per cent of a property’s value, down from 70 per cent previously.

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About the author

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 founding 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.