Banks get an extra month to meet new lending restrictions after playing ball with RBNZ

Fri, 12 Aug 2016

By Paul McBeth Aug. 12 (BusinessDesk) - The Reserve Bank won't impose new lending restrictions for highly-leveraged investment purchases until the start of October, giving lenders an extra month to clear their backlog of pre-approvals. The central bank plans to extend mortgage lending restrictions on Auckland property investors to the rest of the country, making them more onerous by requiring a bigger deposit and reintroducing a uniform national cap on highly leveraged owner-occupier mortgages. The proposed changes, originally due to be...

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