Tightening of lending conditions

http://www.interest.co.nz/news

Tightening of lending conditions
Westpac, ANZ, GE Money
Documents show tightening for many
Higher credit risks, defaults, problems
Struggle to get 100% home loans
Low doc lending, struggle to get 100% home loans
Loan to value ratios cut for some
More documentation and valuations
Westpac stopped property investors from borrowing more than 90%
Credit problem borrowers can't borrow more than 90%
Registered valuation needed for all 90% plus borrowers
ANZ says no more 80% plus home loans for low doc lenders
No more 90% plus loans for property investors
No more low doc loans or high loan to value loans on lifestyle blocks
GE Money tightened on several things
Only approved valuations
No more lending on small apartments
Valuations must be recent

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