Resimac eases criteria for investors
The non-bank has told advisers that investors will be allowed to borrow up to 80% LVR, providing a boost to buyers during the Covid-crisis.
The lender previously limited the amount of loans it provided above 70% LVR, as it uses warehouse funding from the main banks.
Resimac eased its criteria after the Reserve Bank scrapped LVR rules earlier this month.
"The decision reflects the easing of speed limits," said Resimac's head of New Zealand Luke Jackson. "We've always been comfortable lending at 80% LVR to investors, but were constrained, and now we're not, and are opening up for prime customers. We're happy to look at more in that space."
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