Non-major bank pulls out of investor lending due to APRA crackdown

By |
AMP Bank has announced it will be pulling out of all investment lending at this point in time, in response to regulator guidelines to curtail investor growth.

“We appreciate the position this puts our customers in and will be working with our distribution network to actively communicate with them,” Michael Lawrence, managing director, AMP Bank said.

This is expected to last until later in 2015, depending on market conditions. 

In addition, the non-major will increase variable rates on all existing investor property loans by 0.47% per annum, from 7 September 2015. All investor property loan applications that have been approved will be subject to the 0.47% increase on settlement.

However, effective 27 July, AMP will reduce interest rates for new owner occupied variable loan rates on the AMPBank Professional Package, starting at 4.12%.

“Australia’s property market is experiencing high levels of investor property lending growth and we are supportive of the regulator’s intention to slow this growth to appropriate levels,” Lawrence said.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Top Suburbs : kawana , reservoir , canterbury , bligh park , chermside

go back

Get help financing your investment



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here