This week, Westpac group have announced changes to their lending policy for non-Australian residents

Westpac, St George, Bank of Melbourne and BankSA will no longer accept mortgage applications from non-residents.  This is following last week’s announcement that Commonwealth Bank also will no longer accept mortgage applications from non-residents.  However, there are still other lenders that are lending to these clients.

For more information refer to the article in The Age – ‘Westpac stops lending to foreign property investors’.

Please contact your Nexus Partners BDM if you require any further details or if you need a point of contact at one of the above lenders to speak with your clients.

We will be putting out a Matrix with the current lending policies of each of the banks soon to provide some clarity on these recent changes.