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With New Zealand house prices spiraling out of control, surging 18.4% year-on-year:
New Zealand’s largest home lender ANZ has dropped the hammer on property investors, requiring investors to have 40% deposits:
The country’s largest home lender ANZ says from now it will require investors to have 40% deposits.
This goes further than the recommendations of the Reserve Bank, which is moving to have 30% deposits for investors in place by March…
The RBNZ is currently consulting to reintroduce loan to value ratio (LVR) restrictions, which it removed in May…
The proposal from the RBNZ is to reinstall the restrictions exactly as they were when removed in May. This means 30% deposits for investors and 20% for owner-occupiers…
Property investors not convinced by ANZ tightening lending © RNZ / Claire Eastham-Farrelly
Property investors do not think ANZ s moving to tighten lending to property investors will help other residential buyers - and some say the bank is just looking out for its own risk.
ANZ says changing its rules is a way to bring some balance back into the market (file image). Photo: RNZ / Claire Eastham-Farrelly
ANZ has announced it will now require residential property investors to have at least a 40 percent deposit, up from the current 30 percent.
The bank also called for big, bold and urgent action to dampen the housing market, warning that house prices could be due for a correction in the new year if they continued to rise as they had.
Agreed that there will be balancing of OCR, FLP, LVRs and further QE.
However, despite what Orr says about having no responsibility for housing, they will be acutely aware of the housing market as it is not in RBNZ interests to see housing instability and with its economic consequences. I don t rate Orr as a fool.
The delay in LVRs until March has much to do with the current uncertainties around Covid risks and the risks to the economy; RBNZ seems prepared to wear increasing house prices in the short term (into the new year) to counter the current uncertainty and risk rather than having the uncertainties/fears generated by having LVRs on and then off.
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