BankWest halts non resident foreign property lending. Bankwest has announced it will no longer be lending to Non Residents. Australian Property

Bankwest Halts Non Resident Foreign
Property Lending

bankwest
BankWest halts non resident foreign property lending. Bankwest has announced it will no longer be lending to Non Residents. Australian Property

An email to mortgage brokers 14 of July, BankWest has made it clear the answer is NO to Non Resident Australian property lending.


The email states: I want to clarify Bankwest's position on this type of transaction/lending. Bankwest will accept most foreign income at 80% or 70% (for non common currencies) after conversion to AUD. We will lend to Permanent residents / Temporary residents borrowing with an Australian citizen living in Australia or Abroad. NO Non Resident Lending

Date: July 14, 2016 10:00 AM EST
Published by: Mortgagee Property Limited
Reporter: Scott O. Talbot
Category: Australia Banks
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BankWest Real estate investment loans



The BankWest email provided further details of the Matrix details of the policy and acceptable income thresholds:


Income Documents (ALL in English)

* 6 months salary credit in a Bank account
* Letter from employer of Contract of Employment
* 2 Payslips no older than 45 days old


Special requirements:

* No self employed
* All documents must be in English - by an approved Translator
* NO LMI for any deals, max 80% and in some cases 70%
* NO non resident lending
* Some acceptable visa classes 160 - 165's, 188, 457's