Commonwealth Bank changes mortgage rules

Australia's largest lender has made several changes to its home lending criteria. CBA announced it has changed the requirements for home loan applications involving foreign income and temporary residents.

Self-employed foreign currency income is no longer an eligible source of income. Temporary Australian residents working in Australia and being paid in foreign currency income are no longer eligible borrowers. CBA is reducing the maximum LVR from 80 per cent to 70 per cent for temporary Australian residents living and working in Australia and being paid in Australian dollars.

Source: Mortgage Business