Just a heads for those trying to get around the LVR restrictions with the banks. A ploy being promoted by some is to purchase using say NZCU at 80% and then refinance to a bank in six months using the RBNZ exception of $ for $. This will not work! Banks in the main will not $ for $ swap from a non bank lender (at over 60% for a standalone investment) as in their view the non bank lender is not acting in the spirit of the ruling. Just saying!
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Careful if borrowing over 60%
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