Serviceability updates come as Budget bill heads to parliament
ANZ has updated its negative gearing serviceability policy for investment property lending, joining fellow major lenders in responding to the federal government's proposed reforms announced in the Federal Budget.
The bank confirmed in broker correspondence seen by MPA that negative gearing will now only be factored into serviceability assessments for established residential properties where a fully executed contract of sale was entered into on or before 12 May 2026.
For contracts executed after that date, negative gearing will only be recognised in ANZ's serviceability calculations where the property qualifies as a new build. ANZ stressed its position reflects responsible lending obligations, even though the proposed changes have not yet been legislated.
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Deadlines for in-flight applications
Brokers with applications already in ANZ's pipeline face a firm deadline. Any application not unconditionally approved by close of business Thursday 28 May 2026 will be reassessed, with negative gearing applied only where the property meets ANZ's new build eligibility criteria. Applications that have already received unconditional approval will not be affected.
Refinance applications on properties purchased on or before 12 May 2026, as well as eligible new builds, will retain negative gearing in serviceability assessments. Top-ups and cash-out requests will also remain eligible where funds are directed toward the purchase or improvement of a qualifying property. ANZ confirmed it will continue to allow deductions against rental income in its serviceability calculations regardless of the broader changes.
The updates broadly align with other major lenders including Macquarie Bank and NAB. At the time of writing, Commonwealth Bank and Westpac had yet to announce their policy updates.
What brokers need to do
Brokers are advised to confirm whether any application involves an established or newly built investment property and document a contingency plan where the removal of negative gearing may create a serviceability shortfall. A revised ANZ Home Loan Calculator, including functionality to identify negative gearing eligibility, is expected on 28 May 2026. Brokers with questions should contact their ANZ relationship banking manager.
