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The mortgage door has closed suddenly for some mum and dad property investors with less than 30 per cent equity following an announcement by ASB last night that it will issue no more pre-approved mortgages for property investors in the Auckland area (where equity is less than 30%).

Auckland mortgage broker and principal of integrated financial services provider LoanPlan,Christine Lockie, said that due to backlogs in the banking system, some clients who had lodged application three days ago have been shut out by the move.

“Westpac has already put the restrictions in place and last night ASB followed suit, saying in a letter to us that they will only honour pre-approvals issued prior to 16 July (today) for property investors with less than 30% equity

“I have one client who lodged three days ago, but because of bank backlogs, he does not qualify – I’m fighting it because he is in the middle of a negotiation.”

Ms Lockie said ASB informed them that they would honour current pre-approvals until their expiry date (provided the property settles before the 1st of October).
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