ANZ has tightened the way it assesses some investor loans after the federal budget’s proposed changes to negative gearing, with applications not unconditionally approved by close of business on 28 May 2026 now facing possible reassessment under the new criteria. The bank said investment properties bought after 12 May 2026 will only be treated as eligible for negative gearing in serviceability calculations if they are new builds.
Existing properties purchased before that date will keep their eligibility, and refinance applications for eligible existing properties and new builds will continue to be counted that way in servicing. Where the paperwork does not clearly show whether a property qualifies, brokers may need to supply extra information.
The move puts ANZ among a growing list of lenders adjusting their serviceability settings as they work through the budget’s proposed overhaul of negative gearing. Under the government plan, the tax concession would be removed from residential investment properties purchased after 12 May 2026 unless the property is a newly built dwelling.
Suncorp Bank made a similar update and warned brokers that borrowing capacity outcomes could change for some investor customers. It said applications not unconditionally approved by close of business on Wednesday, 27 May 2026, will be reassessed under the revised criteria, while negative gearing will only apply where the property is deemed eligible. Deductions against rental income will still be included in serviceability calculations, and cashout requests used to improve eligible properties will remain eligible for negative gearing treatment.
Macquarie moved first, removing most negative gearing tax add-backs from its serviceability calculator on 18 May. The bank tied the change directly to the budget and its responsible lending obligations, saying: “In light of the Federal Budget, we have made changes to our investor lending policy to ensure we continue to comply with our responsible lending obligations” and “These changes help us ensure property investors are able to afford their loan when the changes to negative gearing come into effect.” NAB recalibrated its servicing calculators on 26 May, honouring in-flight applications already unconditionally approved by then while warning others may be reassessed if they rely on post-budget contracts and do not pass the new-build test.
The speed of the changes shows lenders are moving before the tax overhaul takes effect, not after it. For investors, the practical question is no longer just whether a property fits the budget rules on paper, but whether a bank will still count the gearing benefit when the loan is assessed.
