ANZ Eases Home Loan Lending Criteria

Following on from our post describing ASB’s recent easing of home loan lending criteria, the ANZ has recently had an easing of their own in the area of over 80% lending.

The ANZ, assisted by their ownership of National Bank, are the largest player in the market, and the changes made make it easier to get a low deposit home loan lending proposal approved. As an example, a loan can now be measured over a 30 year term, up from a previously limiting 20 – 25 year loan term. The positive net affect for those needing a low deposit home loan is that the same amount of income will now support a larger loan amount. Once again we see restrictions, that had been put in place as a result of the GFC and its general malaise, being lifted.

At auction today this “do up” villa on 405 sqm @ 37 Third Avenue in Kingsland sold for $692,000.!!