ANZ changes mortgage rules for small apartment lending

A NZ Herald article.

New Zealand’s biggest residential lender is changing its rules on deposits for small apartments, slashing the amount that is needed for a deposit on a standard-size dwelling.

ANZ has announced it will be reducing the apartment size at which it will require customers to have a higher deposit.

It says the move is to help more customers onto the property ladder.

Under the new rules, customers will only need a 20 per cent deposit for freehold, standard apartments that are 38sq m or larger.

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