Banks loosen lending criteria for spring
Squirrel mortgage brokers director John Bolton says banks have made small tweaks that are improving the lending environment with ASB, ANZ/National Bank, BNZ, Westpac and Kiwibank all prepared to lend more than 80% to clients.
On Monday Westpac launched a campaign for mortgage brokers which offers an additional 20% commission for new residential lending approved of $250,000 or more and advanced before the end of the year for both new and existing customers. The offer applies to mortgages with loan to valuation ratios (LVRs) of 80% or less.
Bolton says ASB has also been putting through some 90% loans and case by case 95% in the last month for owner occupiers.
However, he says ASB in particular, looking for high quality clients with it not being a free-for-all and it still being incredibly tough to get more than 80% lending - "clients are generally on good pay, are qualified, have little debt and good equity".
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