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News

Title: HomeStart changes meant to open up market

Date: 2016-08-05

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HomeStart changes meant to open up market
Steep increases in house prices around the country have led the government to boost the income and house price caps in the KiwiSaver HomeStart scheme.
Starting from today, more New Zealanders will be able to access the KiwiSaver HomeStart scheme to buy their first property.
Building and housing minister Nick Smith has announced the government is increasing the scheme’s income and house price caps
“We are adjusting the income and house price caps to take into account increases in both since the scheme was announced, so as to ensure it achieves its objective of helping middle income earners into...

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Title: Banks care more about income than equity

Date: 2016-07-29

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Banks care more about income than equity
Homeowners who want to tap into their increased equity in their homes are being warned they may be disappointed, unless they have had an income boost, too.
Mortgage broker Christine Lockie, of LoanPlan, said, provided borrowers met loan-to-value restrictions, banks were putting means, income and cashflow first.
"It would appear that many home owners don't want to risk selling their properties if they are unable to replace their existing home within their affordability.

"Instead they're looking to stay put and renovate. However, often increasing an existing mortgage is not easy even when...

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Title: Reserve Bank targets investor lending

Date: 2016-07-22

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Reserve Bank targets investor lending
The Reserve Bank has today released a consultation paper proposing changes to loan-to-value restrictions (LVRs) to further reduce risks to financial stability arising from the current boom in house prices.

“The banking system is heavily exposed to the property market with residential mortgages making up 55 percent of banking system assets. Investor lending has been increasing rapidly and is a significant contributing factor to the current market strength. The proposed restrictions recognise the higher risks associated with such lending,” Governor Graeme Wheeler said.
...

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