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Reserve Bank to loosen mortgage lending rules
Loan-to-Value (LVR) changes on mortgage lending to be eased.
AI summary
The Reserve Bank is loosening Loan-to-Value Ratio (LVR) restrictions from December 1st, giving banks more flexibility to lend to homebuyers.
This change will allow banks to provide more mortgages to:
- Owner-occupiers with less than a 20% deposit.
- Property investors with less than a 30% deposit.
Enabled by existing Debt-to-Income (DTI) rules, the move aims to improve access to credit without significantly impacting house prices, making it easier for some Kiwis to enter the property market.
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