Westpac Bank and its subsidiaries are no longer lending money to foreigners wanting to buy residential property.

It is the third major bank to clamp down on lending to non-residents, home buyers with foreign self-employed income and those who hold temporary visas in Australia.

ANZ and the Commonwealth Bank moved earlier this month.

NAB said its current rules for non-resident buyers stipulate that they must be employed, not self-employed or shareholders, must be met face-to-face and will only be lent up to 70 per cent of the value of the property.

Read the full article on abc.net.au.

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