In a note to mortgage brokers, Teachers Mutual said it is “temporarily withdrawing from new investment lending to meet the requirements of APRA’s 10 per cent cap”.
“We will be reviewing our position weekly and will update you as soon as our position changes,” the bank said.
The changes are effective from today, Wednesday 25 May 2016.
Teachers Mutual noted that all existing applications submitted prior to this date will proceed, but must be settled with 90 days of application.
More to come.