Foreign buyers getting a hit?

Does this seem like hitting on foreign buyers?

Westpac stops lending to foreign property buyers

 

I would not think this will have a material impact. A lot of foreigners have their own funds not from australia- eg they get funding if need be from foreign banks as the interest rates in australian banks are too high compared to the rates foreign banks charge....despite australia being at historically low rates.
its mostly the plebs like us who borrow from australian banks and earn in AUD that get f#@$ed.

 

They probably get money against their existing assets. We do the same here.

Don't think anyone would lend money to buy house in another country

 

whichever way ..my point is that a fair few of them wont come here borrow from an australian bank, thus the likes of westpac can do this, knowing that the impact to their business will likely be immaterial.

 

Westpac and its brands - STG, BOM and BSA - have over 65% market share for non resident lending... just so you know.

 

Yep, I've got a few IP loans with StG and last month during a loan approval they upped the LVI to 70% as punishment to all of us heathens for living overseas.

Lenders are tightening all around by the looks of it.

Ho hum.

 

What do they look at in overseas applications?

 

Mostly the same as in Oz: serviceability, proof of employment, income and savings, etc.

 

Westpac, ANZ investigating suspected foreign home loan fraud

I hear that several of the "MPA Top 100" are involved...