PHOTO: ROBERT STEVEN/STUFF – Customers had been restricted by ANZ’s current requirements, one broker says.
New Zealand’s biggest bank is offering some reprieve to home loan borrowers with small deposits.
The Reserve Bank last month adjusted the loan-to-value restrictions that limit how much low-deposit lending banks can do.
From January, banks will be able to lend 15 per cent of their new loans to borrowers with deposits of less than 20 per cent of a property’s purchase price, up from 10 per cent at the moment.
They will be allowed 10 per cent of loans to investors with less than 40 per cent, from 5 per cent at present.
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