Changes to deposit rules

Some positive changes by the RBNZ today, which will mean more first home buyers can get on the ladder. Also investors will have some slight relief.

The RBNZ announced today that after the 1st of January, a bank will be able to have 15% of their new lending going to home buyers with smaller deposits (less than 20%). Previously this was 10% so a big increase of almost 50%.


The other change is for investors. After the 1st of Jan, investors will only require a 35% deposit to purchase an investment property, previously 40%. This will have some impact on the fringes and will also affect those investors looking for a topup on their portfolio.

Hamish Patel – mortgage broker. Mobile: 021 625 693,