The head of the Mortgage Supply Group, Jenny Campbell, has written to Finance Minister Bill English arguing that debt to income ratios are unnecessary.
In her letter to the minister Campbell says the LVR restrictions introduced earlier by the Reserve Bank are working and need more time to bed in.
"It is more difficult to get a mortgage right now, than at anytime in the last 10 years – except for during the GFC," she says.
"Banks have tightened their lending criteria enormously, and this tightening is actually far harsher than the Reserve Bank rules...MORE»
Wednesday, November 30th, 11:49AM
Concerns about the increase in debt relative to incomes mean the Reserve Bank want the tools to address the issue, but economists don't expect to see them introduced anytime soon.MORE»
Wednesday, November 30th, 9:05AM
[UPDATED] The Reserve Bank has officially asked the Government for debt to income restriction tools, although it has no plans to immediately deploy them. Includes ASB comments.MORE»
SBS Bank has reported a 49% increase in its net profit, for the first six months of the year and that has been helped by its move in the mortgage broker market.MORE»
Avanti Finance’s move towards residential loans and its strong broker support augur well for the company, a recent report says.MORE»
Heartland Bank is due to re-enter the residential home loan market next year - and its strategy is a bit different to other banks.MORE»
There is now little doubt that the new LVR restrictions are having a significant impact on property investor activity, with lending in this area slumping to new lows.MORE»
New Zealand’s newest peer-to-peer mortgage lender is promising to offer mortgage brokers an easier way to get deals done for clients struggling to access funds from the banks.MORE»