Bank rules to change regarding Commcerial interest rate on rental properties

[charlotte30]

Read an interesting article on Stuff today regarding the new lending rules that are to come in effect on Jun 30 for those that have mortages on more than 5 rental properties.

Link below

http://www.stuff.co.nz/business/money/9753428/Landlords-face-bank-clampdown

I would be interested in mortgage brokers comments on the article ie what would the likely interest rates be?

Cheers

Charlotte 30

[Davo36]

Sounds like a dream for the banks, they get to change the label on a bunch of customers from 'retail' to 'commercial' and charge them higher interest rates and higher fees, and blame it on the RBNZ!