The Reserve Bank yesterday said new lending rules will coming into play from September 1. • Required deposit level remains at 20 per cent for at least 90 per cent of bank lending. While all banks signalled they would comply with the rules, Westpac said from this afternoon it will not take new loan applications from property investors who don't have a 40 per cent deposit. To do so, and given the period allowed for adjustment, we will not take new loan applications, beyond the revised 60% LVR restriction, from property investors from 4.30pm today. Video will play in Play now Don't auto playNever auto playWestpac will no longer accept new loan applications from property investors who have less than a 40 per cent deposit.

Source: New Zealand Herald July 20, 2016 04:07 UTC