No change on interest-only loans from BNZ, ANZ, ASB

Tue, 12 Jul 2016

By Paul McBeth July 12 (BusinessDesk) - None of the other major Australian-owned banks dominating New Zealand's residential mortgage market have immediate plans to follow Westpac's lead in scaling back the length of their interest-only loans, which are typically geared for investors chasing capital gains. Westpac Banking Corp's New Zealand unit yesterday announced plans to cut its interest-only terms to five years from 15 years, citing the build-up in investor activity which is now accounting for 40 percent of turnover and has attracted...

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