RBNZ targets Auckland with new macro-prudential plans
Will force banks to hold more capital against loans to property investors from October
The Reserve Bank of New Zealand (RBNZ) is looking to dampen investor activity in the Auckland housing market by introducing more targeted macro-prudential policies.
If adopted, the proposals will only allow banks to lend to residential property investors in the 'Auckland Council area' with a deposit of at least 30%.
This would be a more restrictive policy than the existing 'speed limit' in place for mortgage lending in the rest of the country. At present banks are only able to extend 10% of new
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