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Commonwealth Bank-owned Bankwest is further tightening the screws on property investors, no longer taking into account negative gearing tax breaks in new loan applications.
After a recent surge in property investor lending at CBA, Bankwest told mortgage brokers that from Monday, the calculators it used to assess customers for loans would not include the tax benefit investors receive if their property is loss-making.
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'Same problems as London': Morrison doubles down on negative gearing
High property prices in the UK show that Australia's housing affordability crisis is not related to negative gearing, Treasurer Scott Morrison told business leaders in Marylebone, in the UK.
A Bankwest spokesman said the change was in line with guidance from regulators, and it would being the lender into line with "industry best practice".
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Changes such as these have become more common in the past two years, with banks often tweaking their lending policies and rules on minimum deposits in order to comply with rules introduced to cool investor lending.
BankWest set to axe negative gearing perks. Photo: Glenn Hunt
It is not the first time banks have targeted negative gearing tax breaks as one way of putting on the brakes, and potentially lowering the risk in their property investor portfolios.
Westpac, the country's biggest lender to property investors, in 2015 said it would not include the tax benefits of negative gearing when assessing customers for new loans, before unwinding the change last year.
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