April 30, 2020 / 5:15 AM / 3 months ago

NZ central bank eases loan-to-value ratio lending restrictions

WELLINGTON, April 30 (Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Thursday that it has decided to remove mortgage loan-to-value ratio (LVR) lending restrictions for 12 months.

The decision was made to ensure LVR restrictions didn’t have an undue impact on borrowers or lenders as part of the mortgage deferral scheme implemented in response to the coronavirus pandemic, it said in a statement.

The bank had proposed easing mortgage restrictions last week and said it would consult on the proposal for seven days.

Reporting by Praveen Menon; Editing by Kim Coghill

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