Photo / FileThe country's largest bank will review its affordability equations for lending to property investors after the Government's decision to phase out mortgage interest tax deductions for investors. Antonia Watson, ANZ New Zealand chief executive, said the bank already had various buffers built into its lending assessments. Watson said it was looking into what the change would mean for its current mortgage lending book in which around 70 per cent of lending was going to owner-occupiers and 30 per cent to investors. "Our growth in home lending volumes are still very strong which means the country still has a demand and supply issue." Patten said the interest tax deductibility change was so out of the blue it took people by surprise.

Source: New Zealand Herald March 24, 2021 00:43 UTC