Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Banks will work to meet customer needs within lending limits

Banks will work hard to meet customer needs within new lending limits

In response to the Reserve Bank imposing limits on higher loan-to-value ratio mortgage lending today, the New Zealand Bankers’ Association said banks would continue to work hard to meet their customers’ needs within the new restrictions.

“People should be aware they may be declined loans because of the new restrictions imposed by the Reserve Bank. It’s worth talking to your bank about your individual needs and circumstances,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“While the lending restrictions will adversely affect some businesses and householders seeking low deposit loans, our members are committed to meeting their obligations as registered banks and will comply with the new lending requirements.

“Most small New Zealand businesses raise investment capital through equity in their homes. LVR caps may limit their ability to invest in their businesses.

“The lending limits may also make it more difficult for first-home buyers and home-owners seeking a top-up loan for renovations.

“We have reassured government that as an industry we will respond constructively and responsibly to the new lending limits.

“Our banks are very competitive, and will continue to do all they can to meet the needs of all sectors of their customer base.

Hope added that the real issue is a lack of housing supply in some parts of the country, not the availability of cheap credit.

“While there are positive moves to deal with the supply issue, that will take some time to be resolved. Credit growth, currently at around 5%, is not driving this.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: