Reserve Bank of New Zealand
Month: March 2022
Te Ara Paerangi Future Pathways Green Paper
Ministry for Business, Innovation and Employment
Just bought a house? Here’s what you need to know about falling prices
NZ Bankers’ Association chief executive Roger Beaumont said banks would undertake thorough assessments and tests to help ensure customers could make their mortgage payments when they applied. These include factoring in potential interest rate rises as well as the state of the housing market.
Assurance Reports on Bank Disclosure Statements Consultation Paper
Reserve Bank of New Zealand
CCCFA changes need to go further – Bankers Association
The Bankers Association welcomes changes announced last week to the Credit Contracts and Consumer Finance Act (CCCFA) but says they do not go far enough.
Government tweaks controversial CCCFA lending laws
Roger Beaumont, chief executive of the New Zealand Bankers’ Association, said that while the government “identified some of the main pain points for consumers,” ’it is “not clear the changes … will move the dial enough to make a difference.”
NZ Bankers’ Association argues there’d be ‘real risk of adverse customer impact’ if the RBNZ introduces a debt-to-income ratio cap for home loan borrowers
“We suggest that the RBNZ waits to assess the impact of LVRs and the CCCFA changes before further developing the framework for DTIs.”
New Zealand Banks Urge RBNZ to Delay New Lending Restrictions
“The combination of LVR restrictions, CCCFA changes, increasing interest rates and taxation changes in particular appear to be having the effect of slowing growth in the home-lending market,” the Association said in its submission. These changes “may have resolved the problem that DTIs would be designed to address,” it said.
Opinion divided over how much more easily borrowers will be able to access credit under proposed changes to the CCCFA
“We’d like to see the new rules work in a way that doesn’t restrict access to responsible lending for consumers who can afford it, while ensuring vulnerable consumers are protected from high-cost credit that may not suit their circumstances,” NZBA CEO Roger Beaumont said.
NZ Bankers Association: Changes to CCCFA will help, but it could still be improved
NZ Bankers Association’s Roger Beaumont told Andrew Dickens they’ll help, but the law could still be improved. “I would describe them as a small step in the right direction. There’s a lot more heavy lifting that needs to go on in terms of getting into the detail of these regulations.”
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