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LVR restrictions to remain: RBNZ

By: lifenloans on Nov 12, 2014

At least 4500 New Zealanders hoping for an end to loan to value restrictions will now have to wait longer before they can buy a place, a financier has calculated.

The Reserve Bank today announced loan to value ratios would continue in an attempt to quell rapid house price inflation and mortgage specialist Bruce Patten of LoanMarket calculated at least 4500 New Zealanders who were poised to buy when the LVRs come off would have been left disappointed by today’s announcement.

With about $40 billion of mortgage lending annually throughout New Zealand, Patten said first-home buyers who needed more than an 80 per cent mortgage had been borrowing about $13 billion before October last year when the LVR regime was ushered in.

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