AMP Bank has just recently banned property owners from dipping into their mortgage to fund personal spending. This move is on the back of pressure from the Reserve Bank of Australia (RBA) to tighten credit lending.
AMP holds a mere 1% of home loans in Australia, but is considered a major player in self-managed super funds (SMSF). However, most of its SMSF investments go into property (residential and commercial).The trend of preventing homeowners from using their home loan as a ‘piggy bank’ for personal spending is likely to resonate through the finance industry...
Continued
July 15, 2017 by Sarah Robinson