40% deposit requirement - what is exempt?

[mortgage broker]

[sidinz]

What about loans that are not new lending, but are transferred? I'm thinking of the situation where an investor disposes of a property and transfers the fixed loan to a new purchase.
It's a new purchase, but technically isn't new lending. Where does this stand?

[Don't believe the Hype]

What about loans that are not new lending, but are transferred? I'm thinking of the situation where an investor disposes of a property and transfers the fixed loan to a new purchase.
It's a new purchase, but technically isn't new lending. Where does this stand?

Currently ANZ bank is saying any changes will allow them to review lending and expectation is that they want people to achieve 60% LVR... i think Bob said it well in a post earlier - lay low and avoid discussions with the bank at this point unless you're prepared to get to 60% LVR on your portfolio.

[Bobsyouruncle]

Interestingly I now have 2 non banks offering 80% with pretty good rates.

[Nick G]

Which ones?

AFAIK exempt is new construction, PPOR and of course anyone borrowing from the multitude of other on-shore and offshore lenders.

[Bobsyouruncle]

My understanding is the non banks are not bound by the new rules, they all can do whatever they like. Resimac, first mortgage, NZ home loans etc.

[Wayne]

My understanding is the non banks are not bound by the new rules, they all can do whatever they like. Resimac, first mortgage, NZ home loans etc.

That is correct - RBNZ regulates banks and these rules are made for them to follow.

[mortgage broker]

https://www.youtube.com/watch?v=5AUhTXE-xNA

Here is the working link

[DanielAugust]

That is right! My comprehension is the non-banks are not bound by the new standards, they all can do whatever they like. Many Thanks.