1 July: NZ implements new debt-to-income rules for mortgages, shortens bright-line test period, raises paid parental leave, introduces offshore gambling duty, and ends Auckland Regional Fuel Tax.
1 July brings key changes for NZ households, including new debt-to-income rules for mortgages, a reduction in the bright-line test period, an increase in paid parental leave, a new offshore gambling duty, and the end of Auckland Regional Fuel Tax. Debt-to-income ratios will limit bank lending, while loan-to-value rules ease for owner-occupier and investor borrowers with lower deposits. The bright-line test changes to a 2-year limit for existing properties and 5-years for new builds. Paid parental leave increases to $754.87 a week, and a 12% offshore gambling duty applies.
June 30, 2024
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