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Westpac have today announced some lending policy changes relating to the maximum LVRs for new-to-Westpac customers. The changes are effective from Wednesday, 20 January 2010.

The maximum LVR for new-to-Westpac customers is now 85% with a further 2% for capitalisation of LMI - total LVR maximum now 87%. The maximum LVR reduction does not apply to 'existing' Westpac customers, defined as customers who have held at least one product with Westpac for 6 months. The product does not need to be a lending product.  

In addition to the above, the maximum LVR for low-doc loans will be reduced from 82% to 80% for all Westpac low-doc customers.

All pipeline deals, including approvals-in-principal submitted up until Tuesday, 19 January 2010 will be honoured at the existing LVRs.

For any further information, please contact your Darrell Burgess at Loan Market darrell.burgess@loanmarket.com.au