ANZ to close loophole for investment home loan switch
ANZ is closing a loophole by tightening rules for investors attempting to switch their investment loan to a standard homeowner loan.
ANZ head of national broker distribution Simone Tilley has advised mortgage brokers it would like to "reinforce that it continues to accept both owner-occupier and investor borrower applications".
But it is also closing down a popular loophole where borrowers switch from investor loan rates to cheaper owner-occupier rates.
From today, borrowers changing their investment loan to a home loan will need to provide supporting documents to prove it is not being used for investment purposes.
These will include evidence such as utility bills and car licence details.