ANZ adjusts deposit requirements

From 1 January 2018 the LVRs will be relaxed to allow banks to allot 15% (rather than 10%) of their new mortgage lending to borrowers with deposits of less than 20%.

Banks will also be able to allot 10% (rather than 5%) of their new mortgage lending to investors with deposits of less than 35%, as opposed to 40%.

Now, in keeping with the Reserve Bank’s move, ANZ has announced that from 3 January 2018 their mortgage lending policy will reflect the easing of the LVR restrictions.

An ANZ spokesperson says their maximum LVR will increase from 85% to 90%, which means that the bank will now consider loan applications with deposits of just 10%, rather than 15%.