Briefs: TMB tightens investor lending criteria, Macquarie issues RMBS, AFG adds QPCU to lending pane

Teachers Mutual Bank is the latest lender to tighten investor mortgage conditions. TMB has dropped the maximum LVR for investors from 95 per cent (including LMI) to 85 per cent plus LMI. A discounted rate for loans over A$750,000 has been withdrawn, effectively increasing the rate by seven basis points. And TMB will ask investors to demonstrate that they have surplus income of $500 a month above their serviceability requirement.
Macquarie Bank has launched its third issue of residential mortgage-backed securities for the year, seeking A$500 million of funding. The issue is backed by prime residential mortgages, which have an average loan-to-valuation ratio of 63.2 per cent and an average loan size of $267,231. Investment loans make up 24.9 per cent of the portfolio.
Mortgage aggregator AFG has put Queensland Police Credit Union on its lending panel. QPCU sales and distribution executive general manager Lee Slattery said the credit union was aiming to give its members alternative ways of dealing with it. QPCU membership covers police, emergency services, health workers and public servants.