{"id":40709,"date":"2022-01-17T10:30:20","date_gmt":"2022-01-17T01:30:20","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2022\/jan\/17\/new-zealand-banks-reject-home-loans-over-spending-on-christmas-gifts-and-pets-as-tighter-rules-hit"},"modified":"2022-01-17T10:30:20","modified_gmt":"2022-01-17T01:30:20","slug":"new-zealand-banks-reject-home-loans-over-spending-on-christmas-gifts-and-pets-as-tighter-rules-hit","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=40709","title":{"rendered":"New Zealand banks reject home loans over spending on Christmas gifts and pets as tighter rules hit"},"content":{"rendered":"<p>Mortgage approvals have dropped from 30,000 a month to 23,000 as lenders apply stricter rules introduced in December<\/p>\n<p>Banks in New Zealand are rejecting home-loans over minor frivolous spending, including a <a href=\"https:\/\/www.nzherald.co.nz\/nz\/dunedin-woman-says-urgent-extension-to-mortgage-declined-because-of-187-kmart-trip\/76EOT76JLADLAWENKIQMVCKY2Q\/\">$187 Kmart Christmas shop<\/a> and a daily drink bought at a corner store, and money spent on <a href=\"https:\/\/www.stuff.co.nz\/business\/money\/300484390\/home-loan-borrower-told-you-spend-too-much-on-your-dog\">pets<\/a> or <a href=\"https:\/\/www.stuff.co.nz\/business\/300493764\/first-home-buyer-says-he-lived-like-a-hermit-to-get-approval-under-new-mortgage-lending-rules\">petrol<\/a>, pushing the government to investigate whether banks are overreacting to new finance rules designed to protect vulnerable borrowers from predatory lenders.<\/p>\n<p>The Credit Contracts and Consumer Finance Act (CCCFA), updated in early December, requires all lenders to complete thorough checks to ensure loans are suitable and affordable for their customers.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2022\/jan\/17\/new-zealand-banks-reject-home-loans-over-spending-on-christmas-gifts-and-pets-as-tighter-rules-hit\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage approvals have dropped from 30,000 a month to 23,000 as lenders apply stricter rules introduced in DecemberBanks in New Zealand are rejecting home-loans over minor frivolous spending, including a $187 Kmart Christmas shop and a daily drink bou&#8230;<\/p>\n","protected":false},"author":2286,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[41,697,56,42],"tags":[],"class_list":["post-40709","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-housing","category-new-zealand","category-world-news"],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/40709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/2286"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40709"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/40709\/revisions"}],"predecessor-version":[{"id":40710,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/40709\/revisions\/40710"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}