Banks shut out foreign buyers

  • Westpac and ANZ will no longer lend to overseas-based buyers of New Zealand property – with other banks expected to follow the move to shut the door on foreign investors.

The restrictions follow moves by Australian banks to stop lending to foreign buyers of property.

Westpac New Zealand has announced that from today it will no longer lend to non-resident borrowers with overseas income.

READ MORE VIA NZHERALD

Banks

The Reserve Bank today left the official cash rate at 2.25 per cent, with Governor Graeme Wheeler flagging rising house prices as a risk to the country’s financial stability. Photo / NZME

Comments Off on Banks shut out foreign buyers

Filed under New Zealand Property & Real Estate News, Uncategorized

Comments are closed.