Investing.com - The Reserve Bank of New Zealand has delayed the start date for proposed tighter restrictions on mortgages to Oct. 1 from Sept. 1 planned earlier, according to a notice sent on Friday.
RBNZ Deputy Governor Grant Spencer said the decision to defer was in response to request from banks that more time is required to enable them to meet the new restrictions that apply to investor loans nationwide, given the pipeline of loan pre-approvals made prior to this announcement in July, citing the need for more time to get guidelines in place.