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Australia's largest financial services group AMP announced changes to its lending practices on Monday.
AMP will no longer lend to non-resident borrowers and impose tough new restrictions to repay mortgages.
"Our standards are continually reviewed with market developments to ensure we remain a prudent and responsible lender, " an AMP spokesperson told Xinhua on Monday.
"Our criteria for overseas borrowers has recently been reviewed in line with this objective."
It follows a move by other major Australian banks in recent times who have changed their lending criteria for foreign investors.
Empower Wealth chief executive and property investment analyst Ben Kingsley said earlier in May the changes would have a real impact on the Australia property market.
"With reportedly a quarter of new properties being sold to foreigners, if they can't have easy access to lending it has to have an impact," Kingsley said.
"Time will tell to see in other lenders might see this as an opportunity to enter this space."
Chinese investors spent 24.3 billion Australian dollars (17.42 billion U.S. dollars) in 2014-15 on Australian property, according to Australia's Foreign Investment Review Board.
(APD)
