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It says owner-occupiers wanting to buy existing homes will not be accepted for new applications where the loan-to-value ratio (LVR) is greater than 80%.
The bank insists the move is only temporary.
Customers with existing home approvals or pre approvals are not affected, nor are new builds.
It follows the Reserve Bank (RBNZ) limiting all banks' ability to lend at low LVRs.
The RBNZ said only 10% of a bank's lending portfolio could be at high LVRs, meaning a few individuals who were favoured by the banks because of their assets or income could scrape through.
But the bank is now going further and blocking all new applications for existing homes by owner occupiers, though it is making an exception for new home-builds.
ANZ Managing Director for Personal Banking Ben Kelleher says the move is needed to help the bank meet the new rules, which came into effect on Nov 1.
“For those who may have been planning or in the process of applying and now won’t qualify, we encourage them to talk to us about other options,” Mr Kelleher said.
“It is very much business as usual for everyone else.”
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