November 26, 2019 / 10:58 PM / 14 days ago

New Zealand central bank not near to loosening home loan rules

SYDNEY, Nov 27 (Reuters) - New Zealand’s top central banker on Wednesday said they were not considering loosening loan to valuation restrictions on mortgages, which were working well to contain heat in the housing market.

Reserve Bank of New Zealand Governor Adrian Orr told a media conference they needed to be more confident around bank lending practices before loosening restrictions.

Asked about an anti-money laundering scandal rocking Westpac Banking Corp in Australia, Orr said he was “very concerned” about the allegations which he described as “severe”.

Orr said they were engaged with Westpac’s New Zealand arm about the issues and had also asked for additional assurances from all the country’s banks in the wake of the scandal. (Reporting by Wayne Cole Editing by Chris Reese)

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