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Westpac group updates residential lending policy

by Reporter7 minute read
westpac building westpac group update residential lending policy increase maximum age for documents

The major bank and its subsidiaries have updated their residential lending policies, including increasing the maximum age for some supporting documents.

The Westpac group subsidiaries, including Westpac, St. George, Bank of Melbourne and BankSA, have all announced updates to their residential lending policies.

Building on an announcement last month that the banks would be increasing the maximum age of verification documents from six weeks to two months, the brands have now outlined that this will include a range of new documents.

As of 23 March for Westpac and from 25 March for its subsidiaries, the following documents will be viable for two months (between the date of production to the date of formal application):

  • Real estate agent’s rental statements detailing rental income
  • Rental opinion from real estate agent
  • Licensed real estate property manager’s/agent’s letter

This includes when they’re being used to verify income and genuine savings.

As well as this, the Westpac Group also announced that it had updated its verifying income policy so that Chinese citizens holding Hong Kong passports with the ability to hold dual Australian citzenship* are now on the “acceptable country and currency list”.

*This story was updated to reflect that the addition of Chinese citizens holding Hong Kong passports on the 'acceptable country' list is only applicable to those with the ability to hold dual Australian citzenship. Westpac ceased new lending to non-residents in April 2016.

[Related: NAB implements changes to mortgage application process]

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