Westpac stops lending to foreign investors in Australian property

  • Banking giant Westpac has stopped lending to foreign buyers of Australian property in a surprise move that is likely to spark concerns about a slowdown in residential construction, particularly in capital city apartments.

Australia’s apartment construction boom is being partly driven by a wave of foreign buyers, with many borrowing from local banks in Australia to fund part of their purchase.

Westpac said that it, and subsidiaries St George, Bank SA and Bank of Melbourne, would immediately halt all lending to non-residents and temporary visa holders.

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Louie Douvis
Westpac said that it, and subsidiaries St George, Bank SA and Bank of Melbourne, would immediately halt all lending to non-residents and temporary visa holder

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