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ING new investment lending policy- No more cash out/ equity and no more discount for new investment loans

Posted Wednesday, 29 July 2015 at 16:46 by Shape Home Loans
Tagged: interest rates | Investors | news | increasing your serviceability | property investing | APRA lending laws | Loan for investment | Loan for investor
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No more discount on ING investment loans

 

A few changes from ING.

 

1. No more cash out for property that's secured against an IP - This means if your property goes up in value, you cannot take the increased value out as a loan/cash( with ING anyway)

 

2. Max 70% of gross rental income taken for servicing - This will impact how much you can borrow, especially for investors

 

3. No more discount for NEW investment loans ( so rate will be from 4.72% @ 80 LVR)...existing are not affected - Interest rate will be higher for new investment loans.

 

4. Old policy change from June ....but max 80% LVR for NSW investment properties- For any property located in NSW that's declared as an investment the max LVR is 80% meaning you will need a 20% deposit

 


No Changes to owners occupier loans.


- Discount still available with rate from 4.13%- Can still get a 95% LVR loan, so 5% deposit- Can still do cash out/ equity

 

Note: This is only a ING policy change, there are still a lot of banks that have not change their policy or interest rate

ING changes to investment lending

 

 


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