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.

The Reserve Bank's new mortgage lending restrictions come into force today, restricting the number of high loan-to-value ratio mortgages banks can lend.

Will new low deposit loan rules make it tougher for people to buy, grow and fund small business?

John Key has hit back at Labour over new Reserve Bank mortgage lending limits, saying home buyers are better off under National due to lower interest rates.

Prime Minister John Key says he is confident the property market will settle down, despite the Reserve Bank's new mortgage lending restrictions.

A Kiwibank mortgage manager has been reined in after wrongly telling a customer it was pulling low deposit pre-approvals.

Finance Minister Bill English says ASB Bank has "let down" customers by cancelling home loan approvals as a result of new lending restrictions.

ASB Bank has cancelled all pre-approvals for home loans over the 80 per cent loan to value ratio with effect from October 4.

New Zealand gained a seasonally adjusted net 2,100 migrants last month, as fewer Kiwis cross the Tasman.

The New Zealand sharemarket rallied by more than 1 per cent yesterday after US Federal Reserve chairman Ben Bernanke said he would maintain the country's stimulus programme.