BNZ ups investor deposits

BNZ has joined ANZ, Westpac and ASB in hiking the deposits needed by residential property investors for rental property loans.

From December 7, investors will need a 30 per cent deposit for a loan on investment properties.

BNZ customer, products and services executive Dan Huggins said that given the importance of ensuring home ownership remained within reach of buyers and that prices remained sustainable, the bank had decided to move back to its pre-Covid loan-to-value requirements.