29 Aug 2013

No rush to beat new mortgage lending restrictions

7:05 am on 29 August 2013

Figures on mortgage approvals from the Reserve Bank are not showing any great rush to get in before restrictions on lending to people with less than a 20% deposit come into force on 1 October.

Deutsche Bank economist Darren Gibbs said the mortgage-lending banks are already impressing these restrictions.

He said banks need to be wary that mortgage approvals may be drawn down after 1 October and therefore captured by the LVR restriction.