What do real estate agents make of it all? Harcourt's managing director Bryan Thomson is looking on the positive side. It was laudable of the people charged with bringing this legislation into play to try to protect them from loan sharks, he says. At the same time, they were told about the impact the CCCFA rules would have on normal borrowers.

“The good thing is it’s being addressed,” he says. And this is heartening news for first home buyers and others trying to make home buying decisions across the board.

He thinks the banks will welcome a more pragmatic approach to the CCCFA rules. “The one thing I know is banks make money by lending not by keeping it, so they’ll keep adjusting,” he says

Real estate transactions will continue while the industry undergoes the amendments, as most people don’t buy and sell on a whim, he predicts.

“They don’t time their sale or purchase with the market, only a small percentage will hang back,” he predicts.

“They sell because the kids have left home, or because of a new marriage, a divorce, a new relationship, or a death or maybe they’ve had a salary boost.” People are making home-buying decisions when opportunities arise, he says.

Homebuyers should be working with a quality mortgage adviser remaining in very close contact, as CCCFA rules change and getting updated when rates go up, he says.

“I would suggest people are reviewing their situation weekly if not on a daily basis,” he says.

Commenting on REINZ figures out this week, reporting that sales dropped in February, by 40% in Auckland compared with the same month last year, Bryan says he’s not surprised.

“There’s never been so much uncertainty, Omicron is circulating, we’ve had interest rates sneak up to 4%, seen CCCFA come into play, there’s a horrific war happening in Ukraine, a number of issues have all occurred so it’s no surprise that sales are lower.”

Compared to February 2022, house sales during February 2020 and 2021 were very busy so you’ve got to put that in context, he explains.

What does Government reversal on CCCFA mean?

Mortgage advisers respond to Government’s decision

Mind your P’s and Q’s on the lending rules

Who has been affected by the December CCCFA?

Good news for first home buyers

Wait and see or make hay while the sun shines?