From The AFR:
Westpac is set to announce a new crackdown on local and overseas property buyers…
Westpac’s changes, which are to be announced to customers this Saturday, will be targeting dubious sources of income used for loan applications and impose tougher controls on foreign buyers with Australian visas…
The bank says many applicants are failing to fully disclose payments to finance companies or other banks, existing borrowing limits with other lenders, monthly repayments and balance of their debts…
Westpac announced in April that it was ceasing lending to all foreign residential property buyers.
Good to see. Just last month UBS released a survey of 1,228 Australians who have recently taken out a mortgage and found that 28% of mortgagors stated their application was not factually accurate, with broker-originated mortgages the most dodgy.
