Another big lender makes investor loan changes
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Another big lender makes investor loan changes
Posted on Wednesday, July 29 2015 at 1:17 PM
AMP Bank will not be accepting new or assessing existing investor property lending applications from today, it has announced. This is expected to last until later in 2015, depending on market conditions.
The
lender is also set to increase variable rates on all existing investor property
loans by 0.47 per cent per annum from September 7, 2015, in response to
regulator guidelines to limit growth in investor property lending across the
market to 10 per cent,.
All
investor property loan applications that have been approved will be subject to
the 0.47 per cent increase on settlement.
“We
appreciate the position this puts our customers in and will be working with our
distribution network to actively communicate with them,” AMP Bank managing director
Michael Lawrence says, adding that the lending facility remains committed to
helping Australians own their homes.
“Australia’s
property market is experiencing high levels of investor property lending growth
and we are supportive of the regulator’s intention to slow this growth to
appropriate levels,” he says.
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