Property / Finance Changes from 1 July 2024
🎤 July 1 brings a raft of changes to the finance and property market:
Bright-line Test:
✅ Now 2yrs (previously up to 10yrs).
Deposit Requirements:
✅ 30% deposit for investment properties (previously 35%).
✅ 20% lending available for low deposit properties (previously 15%).
Debt-to-Income (DTI) Ratios:
➖ DTI ratio restricted to 6 x for owner-occupier lending (20% exception).
➖ DTI ratio restricted to 7 x for investor lending (20% exception).
Credit Contracts and Consumer Finance Act (CCCFA) Reforms:
✅ Commerce Minister Andrew Bayly and Housing Minister Chris Bishop said the government is revoking 11 pages of what it calls "overly prescriptive affordability regulations."
These changes should stimulate activity in the finance and property market, contact adviceHQ for independent financial advice to help you secure your future.
#adviceHQ #DTI #LVR #CCCFA
What's your favourite tomato recipe?
Kia ora neighbours. We know your tomato plants are still growing, but we're looking ahead to the harvest already! If you've got a family recipe for tomatoes, we'd love to see it and maybe publish it in our magazine to share with our readers. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our February 2025 issue.
Poll: Should all neighbours have to contribute to improvements?
An Auckland court has ruled a woman doesn’t have to contribute towards the cost of fixing a driveway she shares with 10 neighbours.
When thinking about fences, driveways or tree felling, for example, do you think all neighbours should have to pay if the improvements directly benefit them?
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83.1% Yes
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14.6% No
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2.3% Other - I'll share below
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