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[News]~BNZ BANK: The new policy will take effect immediately on October 28, tightening the debt and income mortgage loan rules.

28/10/2021

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According to BNZ Bank news, BNZ Bank is taking action to limit the amount of debt that new borrowers can assume, and to implement a debt-to-income ratio for some of its loans.

The debt-to-income ratio (DTI) limits the amount someone can borrow relative to the income they earn-BNZ’s DTI will be set at 6, but it will be “constantly monitored and reviewed”.

A DTI of 6 means that someone who borrows 600,000 NZD needs to have 100,000 NZD income.


It is similar to the loan-to-value ratio that banks must currently apply. It limits the amount a person can borrow relative to the size of his deposit.

BNZ is changing the way it assesses loans and customers’ overall debt levels to ensure that they are in a safer position when interest rates rise.



source: BNZ tightens borrowing restrictions for low income borrowers [28 Oct 2021]
https://www.nzherald.co.nz/nz/politics/bnz-tightens-borrowing-restrictions-for-low-income-borrowers/G4PWFHV7NU6COP7TWJDVSRRFRQ/
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