New Rules For Investors & Home Buyers
As you probably have seen in the news over the last few days, what was supposed to be a ploy to slow down Auckland housing prices will now blanket the whole country.
New Rules – To Begin September 1st
• Restrictions for investor lending has been extended nationwide from Auckland exclusively
• Banks will now be forced to require a 40 per cent deposit(this was previously 30 per cent) for at least 95 per cent of the loans they make in this area.
For Home buyers
• Restrictions for owner-occupier lending has extended again from Auckland to nationwide.
• The required deposit level will remain at 20 per cent for at least 90 per cent of bank lending.