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Lenders announce home loan policy changes...

Two non-major banks have announced changes to their interest-only and investor loans.

Effective last Thursday (13 April), for new Citibank applications, the interest-only repayment option on standard variable loans and the ‘Mortgage Power’ line of credit will not be available for loans solely with owner-occupied security, all non-resident loans, loans reliant on foreign income and loans which require FIRB approval.In a recent update to its brokers, Citibank announced that it is updating its home loan policies to reflect changes in regulatory and market conditions.

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Sourced from Mortgage Business...