Strong disapproval of ban on low home deposits
Horizon said 36.6% of respondents would approve if a deposit requirement were imposed by the Reserve Bank using a new tool in order to help deal with high housing demand and prices in Auckland and Christchurch.
However, 24.4% are not sure when asked if they would approve or disapprove of minimum 20% deposits being required to secure a mortgage from a bank in New Zealand.
The Horizon Research survey finds there is majority support (50.8%) for the Reserve Bank's move to require the four largest Australian owned banks operating in New Zealand (ANZ, Westpac, BNZ and ASB) to have greater reserves to cover any default by home owners with high loan to value ratios. Only 18.3% oppose the need to have larger reserves, while 30.9% are not sure.
Opposition to the idea of requiring a 20% deposit for bank mortgages runs in a strong seam among those aged 18 to 54 year-olds (between 42.7% and 48.8% disapprove), and middle to higher income households.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
