Westpac imposing RBNZ's new home lending rules from today

Wed, 20 Jul 2016

By Edwin Mitson July 20 (BusinessDesk) - Westpac Banking Corp has announced it will not take any new loan applications from property investors who do not have a 40 percent deposit from 4.30pm this afternoon, some six weeks earlier than required by the Reserve Bank. The central bank yesterday said it intends have the new lending restrictions in force by Sept. 1 and asked lenders to comply with the spirit of the new regulations immediately. In a statement, Westpac said the timelines were "a shorter transition period allowed than in 2013...

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