- A group that represents property valuers and commercial property managers is calling for first home buyers to be exempt from loan-to-value restrictions.
The restrictions had been a devastating failure, and allowed property investors to snap up homes that families might have otherwise bought, Property Institute of New Zealand chief executive Ashley Church said.
This comes after Statistics New Zealand figures released last week showed nearly 80 per cent of renters in New Zealand lacked the resources for a home deposit.
Under Reserve Bank rules, home buyers required a 20 per cent deposit.
READ MORE: NZ renters are shut out of the housing market – Labour
JASON OXENHAM/FAIRFAX NZ
Property Institute of New Zealand chief executive Ashley Church says Reserve Bank LVR restrictions are a devastating failure for first home buyers.
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