Just thought I would pass on this news.

Over the last few days Commonwealth Bank have confirmed that they will no longer grant mortgages to temporary residents.

This is quite a significant change as it has always been quite stright forward for temporary residents to get a mortgage through them if the mortgage was under 80% loan to value (LVR).

If one of a couple is a permanent resident or citizen then this is ok but otherwise it is now not possible.

Apparently this has always been the case but it has never been policed however for some reason now there has been a clamp down.

It is not all doom and gloom though as there are plenty of other lenders out there who will lend to temporary residents but it is a bit of a shock as Commonwealth Bank have always been very flexible.