Anz National Bank offered up some improved credit criteria a couple of days before Christmas.
Having previously been very reluctant to lend over 80%, even for existing customers, they provided some updated policy on lending over 80%. This represented an easing in their home loan lending criteria. Officially they are now back in the market to lend up to 90% of a properties value. At the 85% to 90% level your still going to need to fit within some reasonably firm parameters. For example; you’ll have to be an owner occupier, the main income earner in the household will need to be earning at least $50,000 p.a., you’ll need to be able to show evidence of regular savings,(not a widespread Kiwi trait) and the loan term will be a maximum of 20 years.
These types of adjustments will make it easier for more people to qualify to obtain a mortgage.
We hope youve all managed some time away at the beach over Christmas and New Years.