2 banks in NZ tighten mortgage lending to non-residents
Wellington
WESTPAC New Zealand and ANZ tightened lending to non-resident mortgage borrowers on Thursday, following the lead of their Australian parents, to reduce risk in New Zealand's booming housing market.
Westpac will no longer lend to non-resident borrowers paying off mortgages with overseas income, and borrowers on temporary resident visas would only be accepted if they have a local address and New Zealand-based income, a spokeswoman for the bank said in an e-mail. "The tightening of policy reduces risk and will contribute to further strengthening our home lending portfolio with customers," the Westpac spokeswoman said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Half of German housing construction firms short on orders
China’s housing mess finally hits Xi’s interest
A way to beat high mortgage rates is to take over someone else’s loan
With China’s property market struggling, India, South Korea and Vietnam are hot
Shophouse sales surge and at higher prices in Q1 as high-net-worth investors return: Knight Frank
Sony’s plans for Paramount include sale of famous studio lot