ANZ's lending changes surprise mortgage advisers

Banks are tightening their lending criteria making it even more difficult, especially for property investors to get their loans approved.

One, highly experienced Auckland broker described the ANZ’s move as "pretty big changes”. 

“ANZ won’t do much lending in Auckland off the back of these changes as they’ll be too tricky to deal with relative to other banks.”

In one change the maximum LVR on Auckland owner/occupier lending, has been reduced to 85%. Once LEP fees are included the LVR maximum is really about 83%
The reality in dollar terms is that a 15% deposit in Auckland will mean at least $100,000.