With new Loan-to-Value ratios restrictions in effect in New Zealand from the 1st of November 2021, many Kiwis wishing to obtain a mortgage will be wondering how they are affected. Wellington-based Gillespie Young Watson law firm, offering commercial, property, and family law services, can guide clients through navigating the new restrictions and help people achieve their property goals.
The Reserve Bank of New Zealand – Te Pūtea Matua has now put into place the new rules, which restrict lending with an LVR above 80 per cent to just 10 per cent of overall lending. For potential property buyers, this means that the majority—90 per cent—of loans will require a deposit of at least 20 per cent.
For help with understanding the new restrictions, Wellington area residents can rely on Gillespie Young Watson. The firm has been helping people with the legal aspects of buying and selling property for many years and has a long track record of providing quality property law services. Get in touch online or call 04 569 3997.