Published on July 13th, 2018 | by bitcoin0
Home Equity Loans for Crypto Trading Banned by Australian Banks
The Australian Bank of Queensland has banned property buyers from using home equity to buy cryptocurrencies, the Financial Review reported July 12.
The Bank of Queensland is reportedly the latest institution to bar credit lines from loans to be used for leveraged purchases or trading of cryptocurrencies.
The Bank of Queensland is updating loan contracts, alerting consumers that “any loan purpose that involves the acquisition of or usage of cryptocurrency is unacceptable”.
Borrowers could access loan money from for a property to purchase crypto by using redraw features offered with the mortgage.
Last month, Australian tax experts confirmed that the Australian Taxation Office (ATO) is taking stern measures on crypto investors this year.