Great news! In the recent weeks the Government have reviewed the interpretation of the CCCFA which was introduced 01/12/2021. Initially this casued banks to go on a major credit crunch resulting in clients not being able to access loans that previously they would have been approved for. While changes are anticipated it is not yet known how relaxed the lenders will be and when the changes will come into play - we anticipate between 1-3 months. 

Meanwhile, we suggest that if you are looking to purchase a new home - carry on as recommended before i.e reduced discretionary spending, keep debts as low as possible or even better clear the,, build up your deposit (eg savings, kiwisaver) then when you are ready to look to see what options are available to you. The better you look on paper the higher the chance of getting an approval at the level you need and purchasing the house that you want. 

This post was written by

Trish Marsden - who has written 5 posts