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Overseas Property News
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Aussie banks reduce maximum LTV
Country: Australia
25 February 2009
Australian banks, ANZ and National Australia Bank, have cut the amount of money that they will lend to borrowers as a proportion of Australia property value.
NAB has cut its maximum loan-to-valuation (LTV) ratio from 100 to 95 per cent, while ANZ reduced the proportion it would lend to mortgagees from 95 to 90 per cent.
"In response to the softening in the economic environment, we have been tightening lending standards in recent months because as a responsible lender, we do not want customers in a situation where they are over-extended," an ANZ spokesman said.
A spokesman for CBA said that the bank was now looking beyond the current economic downturn, and preparing for a potential hike in interest ratres, following Australia’s Cental Bank’s decision to slash 4 per cent off its base rate in recent months.
"What we want to avoid is a US-type situation, where people with low-interest loans got caught out when interest rates started to rise," the CBA spokesman said.
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