BNZ halts home lending
PA Wellington The Bank of New Zealand has stopped lending on most housing finance. The Chief manager of New Zealand branch banking, Mr Tom Tennent, said in Wellington yesterday that the bank had temporarily ceased all term-mortgage lending. The cutback had been made to keep the bank within the Government-imposed ceiling on credit growth of 1 per cent a month, he said. The cutback would affect all lending on new and existing homes. But Mr Tennent said the bank was still lending in some housing-related areas. Some improvement loans on both first and second mortgages were still being granted. The bank was also maintaining its solicitors’ lend-back mortgage scheme, enabling client legal firms to keep lending. Mr Tennent said he did not know when the bank would resume full lending for housing. It would depend on any change in lending growth. The other three trading banks say they have not changed their lending policies.
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Press, 16 February 1984, Page 20
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158BNZ halts home lending Press, 16 February 1984, Page 20
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