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News

Title: Why a capital gains tax won’t stop the housing bubble?

Date: 2016-06-24

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Why a capital gains tax won’t stop the housing bubble?
Capital gains tax is often put forward as a potential solution to the housing crisis. However, recent evidence shows that our de facto capital gains tax – the ‘bright line test’ – is not quenching the market. This accord with overseas evidence that capital gains taxes has little impact on housing speculation, and can even be economically damaging. This is particularly the case when owner-occupied housing is exempt from a capital gains tax. For these reasons the Morgan Foundation has proposed a comprehensive capital income tax (CCIT) instead. A CCIT would be...

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Title: ASB to stop considering overseas income in mortgage applications where a customer does not hold NZ citizenship or permanent residency

Date: 2016-06-17

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ASB to stop considering overseas income in mortgage applications where a customer does not hold NZ citizenship or permanent residency
ASB has joined its key rivals in tightening lending criteria for overseas house buyers with offshore income.
"Overseas income will no longer be considered in applications where the customer does not hold New Zealand citizenship or permanent residency. Where a customer does hold New Zealand citizenship or permanent residency, we will consider overseas income on a case-by-case basis subject to certain conditions," an ASB spokeswoman told interest.co.nz.
"We continue to consider applications from...

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Title: ANZ's lending changes surprise mortgage advisers

Date: 2016-06-10

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ANZ's lending changes surprise mortgage advisers
ANZ surprised mortgage advisers on Friday when it announced a raft of changes to its lending policy which will make it even harder for property investors.
Banks are tightening their lending criteria making it even more difficult, especially for property investors to get their loans approved.
One, highly experienced Auckland broker described the ANZ’s move as "pretty big changes”.
“ANZ won’t do much lending in Auckland off the back of these changes as they’ll be too tricky to deal with relative to other banks.”
In one change the maximum LVR on...

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