Two more major Australian lender's have joined the list of financial institutions to have changed their lending criteria for investors. 

Westpac yesterday announced they would be cutting discounts for investors, while late last week Macquarie Group made changes that will see those borrowing money for investment purchases face higher interest rates compared to people who living in a property. 

The moves follow the lead set by BankWest, ANZ, NAB and the Commonwealth Bank who have all tightened their lending markets for investors recently through a range of different measures.  

The changes have come due to pressure Australian Prudential Regulation Authority (APRA), as the regulator looks to slow the rapid growth in property prices, especially in the Melbourne and Sydney markets. 

Credit Suisse banking analyst Jarrod Martin told the Australian Financial Review that after Macquarie Group’s decision it appears APRA’s message to lenders has become firmer. 

"It's pretty obvious APRA's initial warning has turned into something a little more strident, and that's why the banks are acting," Martin said. 

Rocket Property Group mortgage broker Dean Bassett said changes by some of the banks could effectively keep first-time investors out of the market in the short term. 

“Some of the things I’ve seen are basically banks saying we don’t want your business,” Bassett said. 

“ANZ have said that if you don’t have a home loan with us and you come to get an investment loan they won’t discount rates, that’s basically saying don’t waste your time with us.”

Bassett said there still are some lenders out there who would be willing to take on investors, but people should act quickly. 

“Some of the smaller lenders are still lenient, but it’s hard to predict how long that will last. 

“They’ll want to be seen by APRA as doing the right thing so it’s probably inevitable in the short term that they make some changes as well.”