One adviser, who asked not to be named, said borrowers were being left “high and dry” by banks

A consultant, who asked not to be named, said borrowers were left “dry” by banks. Pre-approval headaches are that banks are tightening the availability of credit for new borrowers. Banks began to reject pre-approvals for new loans, leaving customers in limbo as they attempt to complete property purchases. Councilors across the industry have reported that large banks are taking an uncompromising position on the pre-approved mortgage as Covid-19 epidemic continues. He said that the crackdown against new loans was “not in the spirit of what we think the RBNZ tries to manage.” Such behavior is going to be yet another headwind for the economy. “Online TMM has seen several examples of pre-approval be canceled by major banks