Mortgage News

BNZ offering next-to-no low-deposit loans

Friday 1st of November 2013

Its chief executive Andrew Thorburn yesterday said the Reserve Bank's loan-to-value restrictions had had more of an impact than had been intended.

Less than six months ago, almost half its new lending was to those borrowers.

But the restrictions kicked in at the beginning of October and require banks to lend no more than one in 10 of their new loans to low-deposit borrowers.

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