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In a first from the major banks, ANZ has announced it will no longer offer 80 per cent LVR low doc loans as of Friday 7 November.
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A spokeswoman for ANZ said “the decision has been made to ensure ANZ has appropriate products and lending standards for the current economic environment”.
ANZ also announced the removal of discounts on its low doc loans greater than 60 per cent LVR last month.
The bank’s peers, Westpac and NAB, still offer low doc loans of up to 80 per cent LVR, while Commonwealth Bank limits 80 per cent LVR low docs to $2.5 million.
Commonwealth Bank also removed concessions on its low doc loans of greater than 60 per cent LVR in October.
Moving forward ANZ said it will continue to offer its Lo Doc 60 home loan which it believes is “appropriate given the lower loan to valuation ratio”.
Existing Lo Doc 80 customers and loans will be continued to be serviced and all applications submitted on or before 7 November will be assessed under Lo Doc 80 criteria.
Published: 03-11-08
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