The 2025 Mortgage Credit Amendment Regulation sets out the lending standards for 2025 for providing mortgage credit, changes are limited, mainly concern clarifications.
I.e. if consumer has not had fixed income in one or more of last 3 years, mortgage credit provider can use the consumer's current income when determining test income.
That is, if an expert in the field has substantiated that this income is stable.
The consumer must have had income for at least 12 months in those 3 years.
Mortgage provider must use current retirement age (currently 67yrs, 3 months) when determining test income for those reaching retirement age within 10yrs of taking loan.
Target Audience
Supervisors, mortgage credit providers, mortgage advisers and other stakeholders.
Effectiveness
The consultation closes on Aug. 16, 2024; responses to be submitted online.
Nov. 2024 Final Regulations
On Nov. 5, 2024, NLD GVT issued final Mortgage credit amendment regulation 2025.
Minister of Finance regulation of Oct. 28, 2024 amending the Temporary mortgage loan regulation, in connection with the determination of the income tables for 2025.
Regulations published in government gazette, enter into force on Jan. 1, 2025.
Regulators
NLD GVT
Entity Types
Bank; CNSM; MG Orig
Reference
OG 35962, 11/5/2024; Reg 2024 2024-0000476828, 10/28/2024; CP, PR, 6/28/2024
Functions
Actuarial and Valuation; Compliance; Financial; Product Administration; Risk
