ANZ Non-Resident Home Loan UpdatesJanuary 14, 2016
There have been a couple of changes to ANZ Non-Resident Home Loans that came into effect on 21st December 2015.
Breakfree and Simplicity plus will no longer be available for new non-residential home loan applications. Products available for Non-Resident Home Loans are:
- Standard Variable Home Loan
- Standard Variable Resident Home Loan
- Fixed Home Loan
- Fixed residential Investment Home Loan
Discretionary pricing will still be applicable for these applications subject to pricing approval. In addition, the maximum LVR has changed from 80% to 70%.
Treatment of in-flight applications
- For new applications in the system that are submitted after effective date, the new policy and proposition is to apply
- If the application is currently AST/AIP prior to effective date and it is reassessed (with no increase) after effective date, it can be assessed under previous policy
- If the application was AST/AIP prior to 21st December and there is an increase in the loan amount after 21st December, the new LVR policy applies. This means customers with existing applications will have their LVR requirements change if the loan amount / value of the property increases after 21st December
- An application that has been declined/expired and is reassessed post effective date, it will be reassessed as a new application and must adhere to the new policy
For more information on Non-Residential Home Loans please contact your Business Development Manager or visit www.anz.com