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Reserve Bank to loosen mortgage lending rules
Loan-to-Value (LVR) changes on mortgage lending to be eased.
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The Reserve Bank is loosening Loan-to-Value Ratio (LVR) restrictions from 1 December, making it easier to secure a mortgage with a smaller deposit.
- Owner-occupiers: Banks can increase lending to borrowers with under a 20% deposit to 25% of their new loans.
- Property investors: The allowance for lending with under a 30% deposit will double to 10%.
This change follows the introduction of Debt-to-Income (DTI) rules, which remain unchanged, and aims to improve credit access without significantly impacting house prices.
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