Good news if you have a good financial track record.
Some great news last week, Graham Wheeler, the Reserve Bank Governor, informed us that interest rates were not moving and staying at their base 2.75% with interest rate cuts forecast for the near future.
Having said that after the last review in September the bank indicated then that the next move would be down so there are no guarantees of when the next cuts will occur.
There was another change last week that will affect the market in what I believe is a positive way.
The Reserve Bank has lifted the restriction on the volume of low deposit loans the banks can offer from 10% to 15% outside of Auckland meaning that buyers with a good financial track record should be able to get onto the property ladder with a 10% deposit instead of 20%.
There is no doubt that the “speed limits” on The Loan Value Restrictions (LVRs) imposed in October 2013 to slow down the Auckland market had absolutely no effect there but have hampered growth in most New Zealand provinces including the Wellington region and Upper Hutt.
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