More Changes to Overseas Resident Lending
/Further to changes made by ANZ in March and Westpac in April, now all 4 major banks have tightened their rules relating to lending to Australian citizens earning their income overseas. In addition, 2nd tier lender Citibank has responded to a flood of applications diverted to them to wind back their lending to overseas based borrowers.
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Loanscape has today released its Borrowing Capacity Index for Q2/2024. It shows that the borrowing capacities of Australian individuals and families have stabilised after the sharp decline over the past 2 years. Lower income borrowers continue to be disproportionately impacted by interest rate increases: the family income required to qualify for the average size loan in Australia is 35% higher than 2 years ago.