In June ANZ made some changes to the way they assess new build finance for investment properties which made it very difficult for any ANZ customers to get finance approved. As a leading Auckland mortgage broker I questioned the banks stance, but like many brokers we had other bank alternatives and so ANZ missed out on a lot of business.
Today, just 4-months later ANZ have reversed those changes and are now back in the business of providing lending for new builds.
The ANZ New Build Rules
ANZ claim that as the NZ economic environment continues to evolve, their lending appetite continues to change to ensure they are balancing our risks and also to help customers achieve their goals of home ownership, so today (17 October 2016) they’re removing some restrictions which will in many cases allow ANZ to help more customers.
Speak To An Expert – A Mortgage Broker
The banks are always making changes to the rules and therefore this makes things more difficult.
As a mortgage broker that specialises in new build finance this is something that I am always looking at. Keeping up to date with the new build rules is not always easy as we have a choice of banks and other non-bank lenders so there is typically someone to fund most situations. The hard thing is the time-frames that a build project takes and that often means that a bank will have a policy change sometime during the build, and therefore it is good to have a finance expert helping.
My name is Stuart Wills and I know the new build rules that matter.