Mortgages

Tough servicing tests remain

Advisers have called on banks to lower servicing test rates as home loans plummet to record lows.

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Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

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Resimac eases criteria for investors

Non-bank lender Resimac has eased its credit criteria for investors as it seeks to build market share in New Zealand.

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BNZ tightens lending policy

BNZ is sticking to a tight lending policy for mortgage borrowers, despite the Reserve Bank's decision to scrap LVR restrictions.

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OCR reaction: Reserve Bank open to lower, negative rates

Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.

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OCR decision revealed

The Reserve Bank has kept the Official Cash Rate on hold at its record low of 0.25%. Here's what the RBNZ said:

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Housing market will take two years to recover

It will take at least two years for house prices to recover to pre-Covid-19 levels, according to new analysis from Westpac.

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Reserve Bank ends LVR restrictions

The Reserve Bank has decided to remove loan to value ratio restrictions for 12 months in response to the Covid-19 crisis.

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Lending strong – before lockdown

The latest Reserve Bank data shows lending remained strong until New Zealand entered lockdown, with $6.1 billion of mortgage lending in March.

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Reserve Bank to scrap LVR restrictions

[UPDATED] The Reserve Bank is set to remove loan-to-value ratio restrictions on mortgages in the wake of the Covid-19 outbreak.

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Pre-approvals hit by Covid-19

Banks are withdrawing pre-approvals for home loans amid the Covid-19 outbreak, as credit conditions continue to tighten. 

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Fears over tougher servicing tests

Advisers say servicing tests have become even tougher during the Covid-19 crisis, with banks testing borrowers on virus-constrained current income.

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Payment holidays won't affect credit scores

Banks have quashed speculation that payment holidays will affect customers' credit scores and their ability to borrow in the future.

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Banks roll out mortgage holiday

Major lenders have launched mortgage holidays for borrowers affected by the Covid-19 outbreak, using online application forms to process customer requests.

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Six-month mortgage holiday for borrowers

Borrowers affected by the coronavirus crisis will be offered a six-month mortgage holiday under new proposals drawn up by the Government.

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