November 28, 2017 / 10:26 PM / in a year

RBNZ says more house price stabilisation needed before removing loan restrictions

WELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank governor said on Wednesday that he would look for the country’s house prices to continue to stabilise before the bank removed restrictions on mortgage lending.

Reserve Bank of New Zealand (RBNZ) governor Grant Spencer told reporters that the bank would watch to see if the country’s house price growth moderated further and there was “no risk of resurgence” before it decided whether to scrap the restrictions.

The bank had earlier announced it would ease the restrictions a little given previously red-hot house price growth had dampened this year and that the new leftwing government’s policies were likely to subdue demand.

Reporting by Charlotte Greenfield and Ana Nicolaci da Costa, editing by G Crosse

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