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The change means brokers lodging new external refinance applications with ANZ on or after the effective date will no longer be able to use the simplified assessment process and must instead provide full income verification.
However, the bank has confirmed transitional arrangements will apply for applications already in the system.
Applications submitted and deemed sufficient before 10 July that have not yet been assessed will continue to be processed under the Simpler Switch policy. The same applies to conditionally approved applications where borrowers are simply meeting outstanding approval conditions.
Applications lodged from 10 July onwards, however, will require full income verification, as will conditionally approved applications where borrowers seek to increase their lending or make other credit-critical changes.
Any application that is declined or expires before being resubmitted after 10 July will also be assessed under the updated requirements.
An ANZ spokesperson said the bank “regularly reviews its lending policies and criteria as part of its normal business processes”.
The bank said broker platforms and systems would be updated over time to reflect the policy change.
[Related: Westpac eases investor lending policy]
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