All four of the major banks have begun to apply new lending restrictions to home loans - six weeks ahead of the Reserve Bank's official September deadline. Most lending to owner occupiers would also require a 20 per cent minimum deposit with both changes rolled out across New Zealand. There are a range of options to consider, only a couple of which are in the Reserve Bank's control." While the deadline for the changes is September 1 the Reserve Bank said it expected banks to follow the spirit of the new regulations immediately. He warned baby boomers who have become property investors are starting to see more and more rentals where the owner can't find a tenant or the rent doesn't cover the mortgage.

Source: New Zealand Herald July 21, 2016 00:34 UTC