Westpac lowers deposit hurdle for property investors

Westpac, the country’s biggest lender to landlords, is lowering the size of the deposits it will require from property investors, partially reversing last year’s crackdown.

 After a sharp slowdown in lending to property investors, Westpac and St George, which it owns, this month told mortgage brokers the maximum loan-to-valuation ratio (LVR) for new mortgages for property investors would rise to 90 per cent, up from 80 per cent.

 The change means property investors need a deposit of 10 per cent of a property’s value, compared with 20 per cent previously.

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