Westpac cuts LVRs for new customers

Westpac has reduced the ceiling on the loan to valuation ratio on mortgage loans marketed under the Westpac and Rams brands.

Westpac will cut the LVR for customers considered “new to bank” from the current ceiling of 92% to 87%. The revised policy takes effect today.

For existing bank customers (defined as those who have held at least one Westpac product for six months) the maximum LVR remains at 97%. For any customer seeking a low-doc loan, the new LVR ceiling is 80%.