ANZ has announced changes to its lending policy for owner-occupiers and investors, effective immediately.
A maximum LVR of 85.00% now applies for all owner-occupied home lending across New Zealand, whereas previously it only applied to Auckland.
A maximum LVR of 60.00% now applies to residential investors nationally, whereas previously it was 70% in Auckland only.
Head of mortgages Glenn Stevenson said the bank intends to honour all its existing pre-approvals and any renewals will be subject to the new policy.
Although the Reserve Bank is consulting on new LVR restrictions with the new lending rules due to take effect from September 1, Stevenson said ANZ has implemented the changes in the spirit of the RBNZ announcement.
"We believe the changes are a sensible and responsible response to market conditions," said Stevenson.
"As a responsible lender we want to make sure people are in a position to comfortably repay their home loans."
announced yesterday afternoon it will no longer accept new loan applications from property investors who have less than a 40% deposit.
"Westpac has already signalled it will work in the spirit of the new regulation. To do so, and given the period allowed for adjustment, we will not take new loan applications, beyond the revised 60% LVR restriction, from property investors from 4.30pm today. Those with pre-approvals will still be assessed as per the usual process," Westpac told the NZ Herald.
Three more lenders, ASB
and SBS have also introduced a maximum LVR of 60% for investors looking to borrow.