ANZ National moves to 20% deposits

It’s just got a lot harder to buy your own home. ANZ National are now requriring 20% deposits on home mortgages. Not that long ago 5% was all you needed.

This means that the median deposit needed will be $86,600 in Auckland, $73,800 in Wellington and $62,000 in Christchurch. And that has to be saved from after tax income.

The policy change is a logical consequence of the credit crisis, and of falling house prices. I suspect other banks may follow suit.