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40% Deposit Restrictions for Investors Introduced by RBNZ

After both the RBNZ and the Government not implementing any significant property related changes in May in regards to the RBNZ’s Financial Stability Report and the Budget, respectively the RBNZ has this morning put a 40% restriction on the banks in regards to investment lending.
Note that while this effectively is not in play until September this year, they are expecting the banks to action it immediately in most cases, which basically means that if you are not preapproved at least, it is extremely unlikely that you will get this sort of lending above a 60% LVR.
Key points to note in regards to this are:

Please note in regards to service levels that we are currently being swamped by phone calls and emails wanting to know how this will effect individual positions. Time is of the essence at the moment as we try and get as many deals across the line before these changes get implemented, so we will continue to make comments on facebook and our blog as the situations do all tend to be generic. However if you feel your situation is out of the box and you are concerned, please do email us and can advise if it is outside the above parameters.