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Mystery of ‘unaffordable houses’ lies with interest rates: BNZ

Low interest rates are shoring up house prices that might otherwise be deemed unaffordable, a Bank of New Zealand economist says.

BNZ senior economist Craig Ebert said although many big forces were colliding in the housing market, the lowest mortgage rates in a generation were having a bigger effect than many people realised.

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1 million Kiwis may be locked out of home ownership by LVR restrictions

Property experts have called for first-home buyers to be exempt from tight borrowing restrictions, saying more than 1 million Kiwis have been locked out of owning a home.

Property Institute of New Zealand chief executive Ashley Church said the main barrier preventing roughly a quarter of New Zealanders from living in their own home wasn’t affordability, but loan-to-value (LVR) restrictions.

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