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ANZ increases Home Loan to Value Ratio to 97%

Effective Monday 6 September 2010 the maximum Loan to Value Ratio accepted by ANZ for Home and Residential Investment Loans will change to reflect the following:

  • For eligible existing lending customers, the maximum Loan to Value Ratio is 95%, with the option to finance the LMI premium up to a maximum of 97%
  • For all other customers, the maximum Loan to Value Ratio is 90%, with the option to finance the LMI premium up to a maximum of 92%

At least one of the applicants must be an existing ANZ customer who has held a retail lending product for greater than 6 months with satisfactory credit history. A retail lending product is defined as a home or residential investment loan (including lines of credit), personal loan, credit card or overdraft facility. Existing customers of other retail products are not eligible under this policy.

Does this mean the banks are loosening their Grip? I don't think so. Keep your fingers crossed. Is this the first encouraging sign of returning to a more common sense lending practices????