ANZ woos property investors with interest-only loan change | clancyyeates
ANZ Banking Group is loosening some of the clamps it put on interest-only mortgage lending in 2017, after pledging to reopen the door to property investors following a period of excessive caution.
The big four lender on Thursday said it would again start offering customers an interest-only period of up to 10 years, up from five years now. It will also allow interest-only loans where a customer has a deposit of 10 per cent of a property's value, where previously it required a 20 per cent deposit.
The bank believes that by making the changes, which take effect on Monday, it will offer a longer interest-only period than rival major banks, although other banks already offer interest-only loans with a 10 per cent deposit.slowed sharply over the past yearLatest Reserve Bank figures show housing investor credit growth was just 1 per cent in the year to January. ANZ last month said its housing investor loan book shrank 3.8 per cent in 2018.
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