ANZ have just announced a small but significant change to their credit policy that will now see eligible borrowers being able to increase the amount that they can borrow.

The current policy allows eligible borrowers to borrow up to a maximum LVR of 95% but this has now been extended by allowing these borrowers to capitalise the Mortgage Insurance up to a maximum LVR of 97%.

ANZ were one of the lenders that tightened lending criteria in 2008 following the GFC but this change has now been introduced because of improvements in the economy and because they are happy overall with their arrears position with repayments.

The key words in all of this are eligible borrowers and to be eligible for this easing of policy, at least one of the applicants must be an existing ANZ customer who has held a home or residential investment loan (including lines of credit), personal loan, credit card or overdraft facility with ANZ for greater than 6 months with satisfactory credit history.

• Offset Accounts
• How good is a pre-approval?
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• Big changes taking place
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• Every Little Bit Counts
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• Redraw Facility Explained
• We did predict this!
• Age is not always a barrier!

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