A stop to lending to foreign borrowers
There has been a concerning situation for the real estate markets, since banks have stopped lending money to foreign borrowers. Other lenders and brokers are advised to do the same and stop loans to this kind of borrowers because this could be a trigger for an economic downturn. Changes to Lending Why is this happening? Recently, one of the largest banks in Australia, Bendigo and Adelaide Bank, told mortgage managers to stop lending to foreign borrowers. Moreover, this institute also warned them about the foreign-sourced income. All this is happening due to the growing worries about money laundering and fraud. […]
