Banks in NZ are offering home mortgage rates at under 3 percent and competing with each other with further lower rates. In addition to this, the reserve bank of NZ decided to remove the loan-to-valuation ration (LVR) restrictions on new mortgage lendings by banks. This will greatly benefit the first home buyers and those managing their home loans and will provide a lifeline to them, especially in cities like Auckland where the residential property realestate value is extremely high with a median house costing over $920,000
