What is LVR?
LVR stands for loan-to-value ratio. It shows how much you owe on a house compared to its value. If you owned a $500,000 house with a $400,000 loan, your LVR would be 80%. If your loan was $200,000 on the same house, your LVR would be 40%. Your LVR is important because banks have rules around what they can lend to homeowners - and some of those rules are set using LVRs. These rules are designed to protect New Zealanders from taking on too much debt, and to reduce the risks for banks themselves. if you borrow more than 80% of your home's value you will need to pay a Low Equity Margin.
How much credit limit should I have on my credit cards?
Ensure credit card limits are at the minimum limit required. Even though you may not use your credit card, the limit is likely yo be used by lenders for debt servicing assessment purposes.