Fred99:gzt: Headline should read 'two out of five major banks'. Many times more made no change at all. Why will it make a difference just go to another bank.
Even if the other local trading banks follow, mortgage brokers will arrange finance from second tier offshore lenders in the same way they have been doing to get around LVR restrictions. At least there's a positive side to that - when it comes (and it will) then those lenders will fail first, however it's optimistic to expect that it'll stop there.
USA/Nevada - Subprime etc
Greece - Euro crisis
Dublin - Oversupply
NZ - Undersupply, niche overseas investment market, foreign trusts, rental returns optional, party on!