新西兰针对房产投资者的新政
在新西兰
Reserve Bank imposes Auckland-targeted investor rules – and drops heavy hint to the taxman
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Today's Reserve Bank financial stability report is a 62- page heavy-handed hint to Inland Revenue.
As signalled by NBR ONLINE earlier this week, the Reserve Bank is targeting property investors in the Auckland region. Such investors will have to have a deposit of 30% of the value of the property.
That is aimed at all property investors in the Auckland Council area, with the exception of those investors building new houses.
In a partially compensating move, the existing "speed limit" for high loan-to-value ratio (LVR) lending outside Auckland will be adjusted from 10% to 15%, although the 10% will remain for loans to owner-occupied houses in Auckland with mortgages of greater than 80% of the value of the house.
The measures will take effect from October 1 but, in the meantime, banks are warned to keep within the spirit of the rules and not engage in a splurge of lending to beat the changes.
The new rules are effectively an extension of the loan-to-value ratio restrictions implemented nationally from October 2013. Those rules were effective for a time, the report released this morning says, but that effectiveness is now waning and in any case the big danger to the stability and wellbeing of the financial system is the Auckland property investor market.
The subtext of much of the analysis of the Auckland property market, contained in today's report, is plain: these investments are being made with the intention of selling for capital gain and therefore the capital gain should, under existing Income Tax Act rules, be included in property investors' income and taxed accordingly.
Many property investors already do this and Inland Revenue has been going after those who do not with increasing vigour since 2007.
Today's report stresses the risk the recent Auckland property frenzy puts the country's entire economic system under.
"Rising price-to-income ratios suggest new buyers in Auckland are becoming more indebted relative to their incomes than previous buyers.
"Another characteristic of the Auckland market has been increased investor purchases over the past year at the same time that rental yields have reached record lows." Surveys of house price inflation expectations show much higher expectations among Auckland property investors, the report says.
"Relatively strong capital gain expectations amongst Auckland investors may explain why they are willing to accept such low rental yields."
In other words, the properties are being bought for capital gain.
"Around half of investor commitments are at loan-to-value ratios of more than 70%. Preliminary Reserve Bank survey data suggests investors tend to make greater use of interest-only loans, which may partly reflect investors' ability to offset mortgage expenses against personal income for tax purposes."
The Reserve Bank is not a tax collector: its primary focus, in this context, is its responsibility for the stability of New Zealand's financial system.
That was made clear in today's report: New Zealand avoided a property "bust" during the global financial crisis but those countries that did have such a collapse are a warning to what could happen here.
"International evidence suggests that high debt-to-income owner occupied and leveraged investors both have relatively high default rates during severe housing downturns. As a result, the potential for a sharp correction in Auckland house prices to cause a significant rise in bank loan loss has increased since the last report."
It has been a theme of Reserve Bank executives over recent weeks that all factors, not just housing supply, need to be addressed if the Auckland property maelstrom is not to destabilise the economy.
Deputy governor Grant Spencer last month caused something of a furore when he delivered a speech suggesting all factors driving the recent surge in house prices, including the intention to sell properties for capital gain, should be taken into account by the government.
Although Mr Spencer did not advocate a capital gains tax – despite many excitable politicians and commentators suggesting he did – the deputy governor did say the government needs to look at its treatment of capital gains.
Existing rules are based on an "intentions test" – whether a buyer intends to sell a property for capital gain at the time it is bought.
The undercurrent of the Reserve Bank's report today is that, if one looks at the overall data, it is difficult not to conclude many of the purchases being made are with the clear intentions of selling for capital gain.
The existing rules have been enforced with increased enthusiasm, as well as additional resources, since the middle of the previous decade. The last Labour government threw the IRD an extra $14.6 million to enforce the rules in 2007: in 2010 the current government doubled that funding.
Two weeks ago Finance Minister Bill English hinted there could be more funding coming in this year's budget – to be delivered next Thursday – for enforcing the existing rules.
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新政策下，房产投资者需要30%的首付，大家可以讨论下对房市的影响
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没有任何影响。
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对海外买家是利好，竞争少了，哈哈
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没有任何意义。认识的投机分子，哪个不是首付50%以上啊？
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我有个问题。如果现在我有2套房，然后都是20%首付。那在新政策下我必须把投资房给足30%首付?
因为明年就要re-finance了。
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呵呵，海外买家没有30%，还会来买啊？
这一条反而斩断了本地双职工两口子的买房梦。
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同志们请把暂时把屁股挪到央行那里，别老琢磨自己那俩房子是不是升值了
国家为什么怕房市泡沫破了，因为会产生坏账影响实体经济。真要银行受大牵连可不得了。提高lvr就是保证金融系统安全，至于房价，要不是还有选票的一点点问题他们才不care呢
说明什么，说明目前房市确实有泡沫，有金融风险。但是鉴于目前经济形势以及央行自己的能力，它并不愿意戳破它，或者说它甚至没有安全戳破的好方法。所以，目前要做的就是降低风险，万一弄个硬着陆别影响太大
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心累...买个房真是难，奥克兰首付30%，要去别的地方买房了...
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已经买了没事...
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不需要，这个是对LVR的微调，之前LVR没有追溯性，这个新政也不会有
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那我们这种海外买家也是百分之30？ 跟原来一样？
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央行两次对商业银行的压力测试表明商业银行有资本能力承受大规模违约率的出现。这是政府和银行方面为什么一直说没有泡沫的一个重要背景依据。央行还不能完全断了商业银行的财路，所以投资房首付要求30%。它完全可以定的更高。
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真的投机分子不会出50%首付的，直接是10-20%买两三个了
所以抑制投机是一定的
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今天听广播，一个银行协会的人说refinance的时候，是否按照新政策执行还没有确定。。。等待细则中
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影响还是有的，但是不会太大就是了。
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那如果固定到期后换到银行的话，另一家 银行会不会用70% 来要求呢？
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refinance不会追溯要求30%的吧..
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不用的啦， 新的政策就是 LVR=70%。
假设你的两套房子当初买入时为100万， 你首付20万。LVR：80/100=80%。
到了明年你的两套房市值115万， 则 LVR=80/115=69.5%《70%。
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这个有点可怕，这要是有的话不是生生逼一些人卖房子吗
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先让他们研究出来怎么界定投资者再说。
如果有追溯性，那这个政策才轰动呢，一晚上出个几百栋MORTGAGE SALE
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兄弟们都没有仔细看央行网站的新闻呢， 追溯是肯定的啦。
“The new asset class will take effect from 1 October 2015 for new lending, with a further phase-in period of nine months for the reclassification of existing loans.”
http://www.rbnz.govt.nz/news/2015/fsr-13-may-2015.html
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追溯好啊。。。。。。。。。。
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10月1号开始追9个月的？就是从15年开始算起喽？
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是的，这才是问题的关键！！！
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看来今年买的房都要执行30%首付了
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现有房不会有影响的，只要你不要refinance到其他银行应该没问题，而且你的房也增值了啊。
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10月前估计又是一波买房潮
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不是， “phase-in”是“逐步”的意思。 即给各大银行9个月的时间逐步重新定义现有的客户贷款类型。
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现在市场上30%房子都被投资者买走，这个政策还是有点用的。