Hi, this is from AFR.com.au on this topic. Looks like ANZ is changing its policy. Anyone thinks this will have a notable effect?

ANZ Banking Group cracks down on dubious offshore mortgage funding from Asia

Read more: http://www.afr.com/real-estate/anz-banking-group-cracks-down-on-dubious-offshore-mortgage-funding-from-asia-20160329-gntrqy#ixzz44zZNvNil
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Missing passport pages, salaries being paid by obscure offshore companies and crudely translated supporting loan documents are some of the reasons why Australia and New Zealand Banking Group has announced its latest residential property lending tightening.

ANZ, a bank that has hitched its future to regional growth, was also noticing a sharp increase in the number of loan applications from foreign Australian residents sourcing income from overseas. “They were not what we would call traditional mortgage applications,” a senior ANZ official said.

Foreign payments for the loans are originating from across China, Hong Kong, Malaysia, Singapore and Indonesia. But in many cases the bank, which has an extensive network of retail and business banking contacts across the region, had no record of the companies claimed to be paying the salaries.

ANZ last week told mortgage brokers it will not accept mortgage applications where 100 per cent of income funding the mortgage application is foreign and has tightened lending criteria for other foreign residents.The bank said it had not found any instances of money laundering but conceded there might be a risk.

Read more: http://www.afr.com/real-estate/anz-banking-group-cracks-down-on-dubious-offshore-mortgage-funding-from-asia-20160329-gntrqy#ixzz44zZaXdae
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