Westpac has confirmed it is withdrawing mortgage pre-approvals for some customers following the introduction of the Reserve Bank's new lending restrictions.

The number of first home buyers in the market since the introduction of new Reserve Bank mortgage restrictions last month has plummeted, real estate agents are reporting.

New Zealand property values rose at an 8.4 per cent annual pace last month ahead of the introduction of low-equity home lending restrictions,

US President Barack Obama says he's willing to negotiate with Republicans on their priorities, but not under the threat of "economic chaos.''

More than 30pc of New Zealand businesses have reported optimism in the latest Quarterly Survey of Business Opinion - the highers level since March 2010.

On Oct 17 the US faces its first-ever default on its $16.7 trillion debt - something that could plunge the nation - and the world - into a crisis worse than 2008.

A two-week US govt shutdown could cut 0.25 percentage points off fourth-quarter economic expansion, says one top Federal Reserve official.

Westpac has dropped its two-year fixed rate home loan but at the same time hiked its one-year rate.

Real estate companies are at odds over whether the introduction of lending restrictions has affected the property market.

Property asking prices around the country have reached a record high, with a shortage of houses on the market helping to fuel demand.

First-home buyers in the provinces will be given a subsidy of up to $20,000 to move into vacant state houses, Housing Minister Nick Smith announced today.