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1) interest rate went from 2.19% to 3.24% in a matter of 3 months or less
- This is 48% increase in 3 months. Comparing to 2007 to 2008, interest rate went from 7% to 10%, increase of about 43 in 12 to 18 months
- The speed of increase will put a lot of recent highly leveraged home buyers at great risk. Many would have fixed at 2.19%. Many will be in shock when they need to refix in 12 months time, around same time next year
2) CCCFA (Responsible lending) changes kicking in on 1 December
- banks have already tightened their scrutiny on borrowers income and living expenses verification, especially around living expenses
- bankers especially at retail and broker level need to manually calculate borrowers living expenses off their bank and credit card statements
- lending will become much harder especially for marginal borrowers, ie first home buyers
3) Bank servicing testing rate going up
- one bank's servicing rate went from 6.25% to 6.50%
- while this increase is not large, but we might only start to see this as a start of credit tightening...
- higher interest rates will likely to raise bank servicing test rates, as well as increased CCCFA requirements
4) Debt to Income Ratio
- While ASB have quietly implemented their own DTI from September 2021, BNZ has joined the ranks on 28 October 2021
- this is clearly from pressure from RBNZ, and more banks will likely to follow
- traditionally lending is around 7 to 7.5 times the income last few years
- this represents 14% drop in maximum possible lending
- this will hurt mainly marginal or highly leveraged first home buyers and investors
5) Reduced Rental Income Shading
- banks apply various shading discount to gross rental income. Some more generous at 80% (now reduced to 70%), some are at conservative 65%
- this will impact mainly property investors with multiple properties, and are reliant on rental income for income servicing
6) Interest Non-Deductibility
- this has been well published, basically mortgage interest costs on existing old rental properties are not able to offset rental income
- this will add thousands of dollars per rental property for property investors across NZ.
- these costs will impact on the investors cashflow, and worst felt would be negatively geared ones. |
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发表于 2021-11-6 12:43:26
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