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Commonwealth Bank joins foreign mortgage crackdown
THE AUSTRALIANAPRIL 20, 2016 12:00AM
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Michael Bennet

Reporter
Sydney
https://plus.google.com/104696130655346828921

Commonwealth Bank has told brokers it would no longer accept applications using self-employed foreign income.



Commonwealth Bank has told brokers it would no longer accept applications using self-employed foreign income.


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Commonwealth Bank has joined peers in cracking down on mortgage lending to borrowers heavily reliant on income from offshore, just days after the Reserve Bank expressed growing concerns about fragilities in the property market.

As ratings agency Fitch forecast a pick-up in mortgage stress, CBA told brokers it would no longer accept applications using self-employed foreign income and where the borrower was a temporary Australian resident receiving foreign currency income.

The nation’s biggest bank also said the maximum loan-to-value ratio for temporary residents being paid in Australian dollars was being reduced from 80 per cent to 70 per cent. The changes took effect on Monday.

“Applications involving these customers represent a significantly low proportion of our total home loan applications and these are verified and assessed in line with Commonwealth Bank’s lend­ing policies including requirements for income earned in Australia,” a bank spokesman said.

Rival ANZ last month stopped lending to borrowers who generated all their income from offshore, while customers with more than half of their income from foreign sources were capped at an LVR of 70 per cent, thus requiring a deposit of 30 per cent of the property’s value.

ANZ stopped short of cutting off Australian citizens working overseas, but said they would also be subject to more rigorous document requirements. A Westpac spokesman did not respond to whether changes had also been made, saying the bank “regularly reviews its non-resident lending policies”. National Australia Bank did not respond.

John Flavell, the chief of ­broker Mortgage Choice, said CBA’s changes reflected trends “across the market” as an “increasing number” of lenders focused on income verification to ensure customers could “easily” service loans. CBA’s actions came as comparison site Finder.com.au claimed the average home loan size fell 7.71 per cent in the three months to February to $357,200, the biggest drop since 2000 as banks tightened standards and heat comes out of the property market.

After a three-year boom, concentrated in Sydney and Melbourne, property price growth is easing nationally and falling in areas heavily exposed to the mining slowdown. Listed real estate group McGrath this week cut earnings guidance, citing lower listing numbers and sales volumes in the north and north­western suburbs of Sydney.

The Reserve Bank on Friday issued its strongest warning yet that the apartment market could correct as new developments swamp demand and borrowers struggle to get finance, singling out price pressure in Sydney, Melbourne and Brisbane.

It also expressed concern about weak demand for office buildings in Perth and Brisbane.

The RBA paid extra attention to demand from Chinese buyers for residential dwellings, warning that prices and bank losses could ensue if demand eased because of problems in the economy or Beijing clamped down on outbound capital flows. “If a significant subset of buyers reduce their demand sharply, this can weigh on housing prices ... and so lead to losses on the banks’ broader property-related exposures,” the RBA said.

Fitch said yesterday mortgage arrears fell to the lowest fourth-quarter level in 11 years after declining 20 basis points year-on-year to 0.95 per cent in the three months ending December 31. The annualised loss rate was unchanged at just 0.02 per cent.

But Fitch warned that self-em­ployed borrowers “continue to experience financial difficulties” and broader pain was likely. “Fitch expects an uptick in losses over 2016 as property price growth moderates. In the year to March 2016, property price growth in the combined capital cities was 6.4 per cent, slowing from the double-digit growth experienced over much of second-half 2015.”

微苦蓝山

Commonwealth Bank of Australia latest to tighten mortgages to foreigners
Date
April 19, 2016
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Narayanan Somasundaram

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CBA accounts for one in every four mortgages in the country.
CBA accounts for one in every four mortgages in the country. Photo: Erin Jonasson
Commonwealth Bank of Australia, the country's largest mortgage lender, has tightened criteria for home loans to foreigners just as the central bank warned buying by Chinese posed an "indirect risk".

CBA, which accounts for one in every four mortgages in the country, will no longer approve applications that cite self-employed foreign income, it said in a note to mortgage brokers dated April 18. The lender will also not accept the foreign-currency income of temporary Australian residents, who can now only borrow up to 70 per cent of the value of a property compared with 80 per cent earlier, it said.

Such applications represented a "significantly low proportion of our total home loan applications", CBA said in an emailed statement. "We constantly review and monitor our home loan portfolio to ensure we are maintaining our prudent lending standards and meeting our customers' financial needs."

The bank's action follows a similar move by Australia & New Zealand Banking Group and comes as Chinese buying of Australian homes doubled for the second consecutive year, according to government data. The Reserve Bank of Australia last week warned of risks to property prices and banks' loan losses should demand from the second-largest economy decline.

Chinese investors
"The Australian banking system's direct exposure to Chinese property investors and developers appears to be small," the central bank said in its semi-annual assessment of the financial system. "However, if Chinese demand were to decline significantly, that could weigh on domestic property prices and so lead to losses on the banks' broader property-related exposures."

ANZ, the nation's most Asia-focused lender, last month changed the foreign-income threshold it applies when assessing mortgage applications. The lender will no longer accept requests where a borrower has only income from overseas. It fixed the maximum loan ratio at 70 per cent of the value of a home and increased the number of documents required to approve a loan.

The nation's two other large lenders have also tightened loan requirements for foreigners. National Australia Bank, in a note to brokers this month, cut the maximum loan-to-value ratio for foreigners to 70 per cent. Westpac Banking Corp said in an email it had not changed its foreign-investor rules, though it reviews its policies.

Purchases by foreigners, many with a connection to China, helped drive an almost 55 per cent jump in home prices across Australia's capital cities in the past seven years as mortgage rates dropped to five-decade lows. The rising demand has triggered community concern that locals are being priced out of the property market, prompting the government to tighten scrutiny of foreign investment.

Spending on Australian residential and commercial real estate rose to $24.3 billion in the 12 months through June 2015, up from $12.4 billion a year earlier and $5.9 billion in 2013, according to the Foreign Investment Review Board's annual report.

Bloomberg





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Lease

微苦蓝山 发表于 2016-4-22 16:58
你直接在google搜关键字：
australia home loan overseas income

从昨天到今天， 朋友圈里大量转载的是Westpac停止海外人士贷款， 所以我就只google了Westpac， 所以找不到。

caroro

微苦蓝山 发表于 2016-4-22 17:04
Foreign incomes do not count for temporary residents buying property in Australia
April 19, 2016 2:0 ...

感谢你~~~~~~~~~~~~

caroro

今天澳洲关了呢

ROYO

该来的还是来了，只要不做最后一个接棒的就好。

myotherhalf

早就听内部人士说了