Westpac changing the rules for non residents

It appears the APRA spin the bottle “changing of the rules” may not have stopped after all.......

- http://www.macrobusiness.com.au/2016/11/westpac-jacks-mortgage-rates-foreign-borrowers/

Seeking clarifications if this applies to Australian citizens who are non residents (and will post info below once I know).......but if you have info please feel free to comment.

 

I think it does.

 

Lol…..shaking my head but just heard back from the broker who arranged our Westpac pre-approval with........

"no one in the broker channel seems to have ever had any update or internal communication the relates to the information in the article you forwarded. I can only assume that this is coming in the next week or so, given the article says the change will be implemented next month."

Someone should post into the FinRev article if they have a comments section that “the channel hasn’t been alerted”…..(sorry don't have a subscription anymore now that I live overseas).

Not the brokers fault but loony tunes that decisions like this go to the press before the channel.

 

It is like shooting fish in a barrel - the overseas borrowers are likely to be trapped and unable to refinance anytime soon.

 

Hmmmm I wouldn't be too sure about that.

Wait until AussieProperty Bank is up next year.......no APRA regulations and as long as non-residents have 70% LVR......then very easy to finance borrowers that Westpac don't want.