AMP completes investment lending return

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Non-major lender AMP has now fully returned to Australia’s investment lending market.

Late last week the bank announced that it will again accept applications for investment property loans through self-managed super funds (SMSFs).

“AMP Bank will accept investor property loan applications to SMSFs effective 14 December following a temporary withdrawal from the market in response to regulatory growth guidelines,” the bank said in statement on Friday.

“The return to SMSF lending fulfils AMP Bank's commitment to return to the market in 2015.”

The return to SMSF investment lending is the second part of the bank’s return to the market place, after its withdrawal on 29 July.

That withdrawal ended on 16 November, when the bank announced it would again accept applications for non-SMSF investment loans.

At that stage, the bank said it needed more time to meet regulatory requirements for its SMSF portfolio, but had always expected to meet those before the end of the year.

AMP’s announcement came just days after the latest figures from the Australian Bureau of Statistics revealed that investment lending had decreased by more than 6% over October.

Speaking on those figures, Phillipe Brach, chief executive officer of Multifocus Properties & Finance, said it would be likely that the investor lending market could see some changes in the near future as lenders ease back from the steps they took to meet lending guidelines.

“Lenders are going to ease a bit in what they’re offering and we’re seeing it already,” Brach said.

“ANZ are offering a bigger maximum discount for investment loans now… and we’ve seen AMP leave the market completely and then come back to it.”

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