Advisers inundated with policy changes by banks

One mortgage adviser says one bank alone has had 37 policy changes in the past three months.

Some of these stem from the Credit Contracts and Consumer Finance Act, which has been widely accused of smothering borrowers and brokers in red tape.

But others come from changing rules such as tight restrictions on low deposit loans, which were imposed on banks by the Reserve Bank (RBNZ) as an inflation fighting tool.

The CCCFA is up for an enquiry and advisers are hoping it will be thorough, though there are early indications that it might be limited in scope.