First-home buyers to benefit as banks tweak apartment lending

Small apartment? No problem, says ANZ bank. (Image: Deposit Photos)

Mon, 05 Jul 2021

The easing of equity requirements for smaller apartments will help more first-home buyers get onto the property ladder, says Auckland council chief economist Shane Martin.Martin said financing has been a “key barrier” to buyers wanting to get into more affordable apartments, as smaller units required a 50% deposit, which is prohibitive for first-home buyers in particular.However, this barrier has been lowered after ANZ Bank, the country’s largest mortgage lender, changed its lending rules for prospective buyers of smaller resi...

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