News
Banks call for low-deposit applications
Monday 28th of July 2014
Since last year, they have had to keep their lending to borrowers with less than a 20% deposit to no more than 10% of new lending.
But they pulled back more sharply than that and many borrowers gave up even applying.
New lending to low-deposit borrowers dropped from more than 25% of new loans last August to less than 4% between January and March this year.
But Reserve Bank statistics show the tap is being slowly turned on again to people without big deposits.
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