By Gareth Vaughan
Westpac says about 20% of its new residential mortgage lending is currently high loan to value ratio (LVR) lending and it will prioritise existing customers once the Reserve Bank restrictions kick in on October 1.
Ian Blair, Westpac retail banking head, told interest.co.nz Westpac was doing a lot of work and research preparing for the incoming restrictions.
The bank's latest General Disclosure Statement showed just 1% net growth in its high LVR lending. However, Blair said Westpac had still been doing "north of 20%" in high LVR lending, which is well above the 10% limit being introduced on October 1.
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