ANZ, Westpac impose new restrictions on overseas property buyers

Thu, 09 Jun 2016

By Edwin Mitson June 9 (BusinessDesk) - Two of New Zealand's biggest banks have imposed new restrictions on overseas property buyers. In a statement, Westpac Banking Corp said it would no longer lend to non-resident borrowers with overseas income, while the maximum allowed loan to value ratio for New Zealand citizens and permanent residents with overseas income would be reduced to 70 percent from 85 percent. Borrowers who are on temporary residence visas will only be accepted if they have both a New Zealand address and a New Zealand...

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