Australian interest ratesAustralian Property

8 days later, Westpac tightens again

David Llewellyn-Smith
Wednesday, 31 May 2017
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Via Domainfax:

Westpac’s latest changes, which will also apply to Bank of Melbourne, BankSA and St George Bank, will from next Monday raise minimum deposits for interest-only borrowers to 20 per cent.

The changes will also stop lending to interest-only borrowers seeking to refinance from a competitor.

Existing owner-occupier interest-only borrowers seeking to refinance will be “subject to maximum loan to value requirements” and scrutiny of their ability to repay.

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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.