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Slight Alterations Announced to RBNZ Auckland Property Investment LVR Restrictions

August 28th, 2015.

The RBNZ has pushed the start date of the introduction to the 30% deposit requirement back from an original intro date of the 1st of October to it now being bought in on the 1st of November. There is not much to this as this as all banks bar one have already introduced the rule and even for preapprovals the fine print stated that loans had to be issued based on the original date. There will also now be a 5% exemption speed limit similar to the speed limit for lending above 80% LVR that was introduced on the 1ast of October 2014. However just like the introduction Banks are not likely to get anywhere near the maximum threshold and are mainly likely to use it for situations like allowing clients to fix leaky buildings and remedial work to a small scale.
 
A key point to note and one which Kris Pedersen Mortgages has always recommended anyway is that clients are going to be better to split bank rather than keeping both owner occupied and investment properties at the same bank. A key point was raised in the most recent RBNZ update which stated: In terms of bank customers with mixed collateral such as an owner-occupied Auckland house plus Auckland rental properties, the Reserve Bank says bank treatment of such customers must see them "placed in the most restrictive relevant category."
 
This means that at this stage clients who split their owner occupied property away from their rentals may still be able to leverage this to 80% to raise further equity whereas if they stay at the same bank the owner occupied property is likely to get pegged at a 70% LVR maximum.
 
If you would like to discuss this further feel free to email me at kris@krispedersen.co.nz and we can advise if there is a better set up for you.

 

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