If you are applying for financing for your investment properties in Australia, you may wish to be informed of these updates.

There has been quite a number of credit changes for non-residents and expats over the
past couple of week’s as a result of the introduction of the National Consumer Credit Code. Probably the most important has been advice from the banks that they now require face to face meetings with clients. Also increased credit/serviceability restrictions. For example, Homeside /NAB will not consider anyone who is self employed. ANZ now discounting all income by a further 20%. CBA applying Australian tax rates on all income of applicants.

All banks requiring last 3 consecutive months of bank statements showing salary credits.