Heritage Bank has today announced fresh changes to its home loans for property investors.
The ASX-listed bank this week increased its loan-to-valuation ratio (LVR) from 80 per cent to 90 per cent for investment loans, maintaining its position as a competitive lender in the market.
Heritage’s head of third-party channels, David Ure, said the change reinforced Heritage’s determination to ensure sustainable growth in the home loan investment sector.
“This change will allow Heritage to continue to grow within the bounds of the 10 per cent guidelines imposed by the Australian Prudential Regulatory Authority (APRA),” Mr Ure said.
“Heritage is all about delivering great value for our customers and we are committed to offering competitive rates that are among the best in the marketplace.
“With variable rates for investors from 4.59 per cent (and for owner-occupiers from 4.08 per cent), a Heritage home loan delivers on that commitment.”
Heritage’s 90 per cent LVR cap for investment loans became effective from Monday, 11 January 2016.
[Related: Heritage makes multiple rate changes]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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