Tighter mortgage restrictions delayed

Tighter mortgage restrictions delayed
The Reserve Bank says it expects banks to comply with the restrictions immediately. (Photo: Deposit Photos)
Jenny Ruth
The Reserve Bank will go ahead with its proposed tightening of loan-to-valuation-ratio restrictions on lending to owner-occupiers.From Nov 1, one month later than initially proposed, bank lending to owner-occupiers with less than a 20% deposit will be restricted to no more than 10% of all new lending to owner-occupiers, down from 20% of new lending currently.The announcement comes less than a week after the two-week consultation period ended and, as BusinessDesk has already reported, will hit first-home buyers the most, despite finance minister...

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