Westpac and Macquarie call time on negative gearing as big banks scramble to tighten lending
The federal budget has thrown Australia’s biggest banks into a frenzy as they begin restricting property investors.
Westpac and Macquarie have become the first big banks to respond to the end of negative gearing on existing homes, as the federal budget begins to have an immediate impact on property investors.
While both are yet to formalise their policies with brokers, Capital Brief has confirmed Macquarie has told its lenders to stop factoring in negative gearing on existing property purchases in line with the federal government’s new policy.
“In light of the federal budget, we have made changes to our investor lending policy to ensure we continue to comply with our responsible lending obligations,” a Macquarie spokesperson told this publication.
“These changes help us ensure property investors are able to afford their loan when the changes to negative gearing come into effect.”
