RBNZ Looks at Property Investor Crackdown
Source: mortgagelink.co.nz Speaking at the Finance and Expenditure Select Committee today, Reserve Bank governor Graeme Wheeler told Labour Party finance spokesperson Grant Robertson about the possible introduction of measures to tighten access to credit for investors. The Reserve Bank's current measures are limited to Auckland property investors, who cannot borrow more than 70 percent of the value of a property. Changes could see this limit lowered, together with the introduction of a...
Fri 10th Jun 2016Full post
Westpac and ANZ stop lending to foreign property buyers
Source: stuff.co.nz Westpac and ANZ have stopped issuing home loans to foreign buyers in a move that could help first home buyers. A Westpac spokeswoman said the bank would no longer lend to non-resident borrowers with overseas income. "The tightening of policy reduces risk and will contribute to further strengthening our home lending portfolio with customers who we have a deep and long term banking relationship with," she said. Borrowers on temporary resident visas would only be accepted...
Thu 9th Jun 2016Full post
What do Chinese property buyers want?
Source: radionz.co.nz Most Chinese people looking to buy property in New Zealand have links to the country, the head of a popular Chinese listing website says. Hougarden.com has 36,000 New Zealand residential listings translated into Chinese, as well as farms and commercial property. Between 5000 and 6000 visitors visit the site each day. Half are viewing the website from New Zealand and half from China. Its chief executive, Sam Yin, told Nine to Noon 444 off-shore people...
Wed 8th Jun 2016Full post
Invercargill City Council to start work on $590,000 Chinese Park before spring
Source: stuff.co.nz Work on the Invercargill City Council's $590,000 Chinese Garden could start before spring. The friendship garden, to commemorate Invercargill's sister city relationship with Chinese city Suqian, has been given the green light in the council's annual plan. Council parks and reserves manager Robin Pagan said the funding would be available for the next financial year. The garden would be covered by funds set aside in the...
Thu 2nd Jun 2016Full post
More Southlanders using KiwiSaver to buy their first home
Source: stuff.co.nz Southlanders using KiwiSaver to buy their first home has increased by 50 per cent in less than a year. Data shows in the 2014-15 financial year a total of 449 KiwiSaver members used their accounts to make a withdrawal to buy their first home. That figure has jumped to 654 between July 1, 2015, and April 30. In the 2014-15 year a total of $6.4 million was withdrawn by Southlanders, which has...
Wed 1st Jun 2016Full post
Invercargill bus services could be revived by tourism attraction loop
Source: stuff.co.nz Invercargill's bus woes could be alleviated by the introduction of a tourism bus loop to city attractions. At a meeting of the Invercargill City Council's community services committee on Monday, Invercargill Mayor Tim Shadbolt said there had been talk about having a special type of tourist bus. The bus could travel from the Ascot Park Hotel, to the ILT Stadium Southland and to the museum, Shadbolt said. Shadbolt asked if funding for a...
Tue 31st May 2016Full post
Invercargill rates increase falls short of Southland Museum and Art Gallery target
Source: stuff.co.nz Invercargill ratepayers can expect an average rate rise of 2.3 per cent, or $42.95, for 2016/17. The final decision was derived from 100 submissions on the Invercargill City Council annual plan. Ratepayers will benefit with the introduction of a council-employed CBD developer, increased patrolling at Oreti Beach and the move of the Anderson Park Art collection to the town centre. At an extraordinary council...
Tue 24th May 2016Full post