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The LVR rules have an exemption for new-build properties, for investors and first-home buyers. The rules will only require the borrower to either commit to the purchase at an early stage of construction, or be buying the residence from the developer within six months of its completion. But ASB has decided to require 40 per cent deposits from investors in new-build homes, too. Sharon Cullwick, executive officer for the NZ Property Investors’ Federation, called on other banks not to follow suit.
RNZ
The Government will announce initiatives designed to cool the property market and help first home buyers. (First published February 2, 2021)