Coffees, takeaways help slash $1.9b off new home loans

Coffees, takeaways help slash $1.9b off new home loans

Think hard how 'non-discretionary spending' will affect your mortgage application. (Image: Getty)

Brent Melville

Fri, 14 Jan 2022

Financial Advice New Zealand says recent strict consumer finance laws, on top of government housing policy changes, have dramatically undermined new home buyers’ ability to get home loans. Katrina Shanks, chief executive of the financial advisory sector’s mouthpiece, said home seekers are being “significantly disadvantaged” by the new requirements of the Credit Contracts and Consumer Finance Act (CCCFA). The CCCFA, which came into force on Dec 1, puts additional responsibility on lenders to determine affordabil...

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