ANZ targets property investors
(22 July 2009 – Australia) ANZ has launched a new mortgage product targeting property investors, particularly those looking at multiple property purchases.
The bank announced the launch of its new mortgage product, ANZ Portfolio, that enables property investors to bring together all of their home and residential investment lending under a single credit limit.
The single facility allows investors to create up to 12 sub accounts with a variety of repayment terms, loan types and loan purposes, up to their usual credit limit.
ANZ general manager, Mortgages, Michael Bock, said ANZ Portfolio was designed specifically for investors looking to build wealth over the long term using equity in their property portfolio.
Bock said the launch of ANZ Portfolio followed recent ANZ research which found more than 50 percent of investors go on to purchase more than one investment property and 60 percent of investors secure an investment loan over existing property.
The timing of the product launch comes at a time when investors may well be looking to get back into the market after negative returns in 2008 and the start of 2009.
The portfolio includes features surrounding flexibility in terms of loan types, portfolio changes, ownership structures and repayment options. The product comes at an upfront cost of $750 and a single annual fee of $550.
The single facility allows investors to create up to 12 sub accounts with a variety of repayment terms, loan types and loan purposes, up to their usual credit limit.
ANZ general manager, Mortgages, Michael Bock, said ANZ Portfolio was designed specifically for investors looking to build wealth over the long term using equity in their property portfolio.
Bock said the launch of ANZ Portfolio followed recent ANZ research which found more than 50 percent of investors go on to purchase more than one investment property and 60 percent of investors secure an investment loan over existing property.
The timing of the product launch comes at a time when investors may well be looking to get back into the market after negative returns in 2008 and the start of 2009.
The portfolio includes features surrounding flexibility in terms of loan types, portfolio changes, ownership structures and repayment options. The product comes at an upfront cost of $750 and a single annual fee of $550.
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