WELLINGTON (CU)_In September this year, the Reserve Bank of New Zealand confirmed changes in its loan-to-value rules on owner-occupied home loans, with the aim of tackling the unsustainable surge in house prices. Accordingly, starting from 1 November, banks have been barred from lending more than 10 per cent of new loans to owner-occupiers with deposits of less than 20 per cent.
The Australia and New Zealand Banking Group (ANZ) on Tuesday (24 Nov), became the latest top lender to push pause on low deposit home loans, following suit with Kiwibank and the Bank of New Zealand (BNZ), who did the same last week. This, along with surging mortgage rates and looming changes in the CCCFA regulations are…
