ANZ to close loophole for investment home loan switch
Jonathan ChancellorDecember 7, 2020
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.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.