Back in the “good old days” you only needed the same amount of deposit to buy an investment property as you did to get an owner-occupied home.

That golden age ended for the trading banks 6 years ago as the Reserve Bank sought to curb the rapid rise of property values everywhere, but especially in the main centres. At the lowest point we could only get 60% against the value of an investment property. Since then it has increased to 65% and, more recently, 70%.

The fact is that capping investment property borrowing to 70% (as it is now) is not a general rule, it is a Reserve Bank rule, and the Reserve Bank rules only affect trading banks, not “non-bank” lenders.

Historically, borrowers have looked at non-banks in the same way they view the old-style “finance companies” – the ones that charged huge fees and interest rates and folded in the Financial Crisis. The reality is that non-banks, especially across the Tasman, are huge, respected companies that are also growing in number in NZ. The advantages of non-banks are that they take a more understanding approach to credit issues and, often, measure borrower’s affordability in a way that allows bigger loans to be obtained. Another big difference is that they do not fall under the Reserve Bank rules when it comes to limiting how much people can borrow against investment properties.

At Edge Mortgages, we have always had access to non-bank lenders, and from June, there is a new suite of products a select number of companies (Edge included) will have access to. This offering includes the ability to get 80% against investment properties and 85% against owner-occupied (including those borrowers with credit issues), those who are self-employed and find it hard to prove income, or those who simply want to be able to borrow a larger amount based on what they earn.

We’re looking forward to being able to offer these new lending options to our clients. Please contact us for more information.

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