Property finance and mortgage broking group NZF announced on Tuesday that Westpac had agreed to increase the size of its loan facility by NZ$25 million to NZ$225 million had waived a requirement for NZF's mortgage insurer Genworth to have a AA credit rating. Standard and Poor's downgraded Genworth to BBB+ from A+ on April 8, the FT reported. NZF Group CEO John Callaghan told interest.co.nz Westpac had waived the required and renewed the facility with a higher interest rate and it was "business as usual" at NZF. It was continuing to lend to property investors and others who did not fit into the major banks lending criteria. * This article was first published yesterday in our daily email subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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