Leon Chen
Mar 3, 2025
On February 4th, BNZ resumed accepting pre-approval applications, but only for existing BNZ customers. Applications from non-BNZ customers are only accepted if they already have a sales and purchase agreement or a refinance (live deal). Processing time is approximately 5 business days.
2. On February 13th, Westpac made some adjustments to its lending policy, simplifying the requirements for assessing investment property expenses (such as property taxes, insurance, and servicing fees). If rental income from the investment property is included in the application, then we do not need to calculate the property taxes, insurance, or servicing fees for that investment property. If rental income is not included in the application, then all investment property costs (property taxes and insurance, etc.) must be included in the assessment. Expenses for owner-occupied properties still need to be calculated.
3. On February 19, the Reserve Bank of New Zealand (RBNZ) adjusted the OCR again, lowering it from 4.25% to 3.75%.
4. On February 19, ASB lowered its internally calculated interest rate for loan applications from 7.6% to 7.3%, which will slightly increase the loan amount available for the same income.
5. On February 25, ANZ lowered its internally calculated interest rate for loan applications from 7.6% to 7.25%, which will slightly increase the loan amount available for the same income.
6. On February 27, Westpac lowered its internally calculated interest rate for loan applications to 7.25%, which would slightly increase the loan amount available for the same income.
7. As of February 28, the listed interest rates of the four major banks are shown in the following figure. The actual interest rates will be lower. Please inquire for details.
During a downward cycle where interest rates fluctuate frequently, it is advisable to relock the interest rate when it is about to expire to avoid the interest rate dropping after it has been locked in.