The New Zealand Mortgage Brokers Association is concerned that the current housing boom is pushing home ownership out of reach of first home-buyers.
Saturday, October 18th 2003, 5:43AM
by The Landlord
Association chairman Brian Berry suggests that one way to combat this would be for lenders to relax their rules on the need for would-be mortgage holders to provide evidence of saving.
Most banks currently want evidence that people have saved at least 5% of the deposit they need to buy a house.
"That’s unrealistic as property values go up and rentals go up. It’s become more difficult for people to save. There are a lot of people out there with good incomes but no deposits," Berry says.
