（旧贴）对于最近 interest.co.nz 一篇文章，影响到房子equity抵押的一些个人见解

原文发布于：
24/9/2013

注意，这是一篇4年前得文章。当时得前提背景是当时都担心不能再用房子增值部分得equity来 top up/ re finance， 很多人都对央行得文件有误解。 就像现在得 DTI 一样。最后一部分关于估价及运用，自己又一次神预测！！太佩服自己啦。哈哈

以下为原文：
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先声明一下，此贴纯属学术探讨，一切属于个人观点，与银行政策及立场无关，更加不构成投资意见。 欢迎大家积极讨论。

首先，是RBNZ 最近发出来的consultation letter. 感谢网友 Lease 连接如下：
http://www.rbnz.govt.nz/regulation_and_supervision/banks/policy/5463896.pdf

（大家也可以从interest.co.nz的文章里面直接进入。）

然后， interest.co.nz 的资深记者 Garath Vaughan 发表了一篇文章，原文连接如下：

http://www.interest.co.nz/property/66477/reserve-bank-wants-big-4-banks-include-personal-loans-and-credit-card-debts-lvr-calcu

再然后， 其中一段，让一些网友震精了。。节选如下：

”And the Reserve Bank says it also wants to ensure valuation policy isn't affected by "current market conditions" by making sure banks' valuations on residential properties they loan against stick to the valuation at the time a residential mortgage loan is originated.“

震精贴连接： http://bbs.skykiwi.com/forum.php?mod=viewthread&tid=2440470&extra=page%3D1&page=1

再再然后，楼主就耐不住寂寞，和同事讨论，再自己花了两三小时读 consultation 里面的第 26 条。。把总结放在了自己的QQ日志，忍不住要拿出来和大家分享。。欢迎大家各抒己见。。

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乍一看，还真以为储备银行规定银行以后只能按照买卖房子时候的价钱来做贷款，也就是说扼杀了房子增值的那部分，从而把很多用equity来投资的投资者秒杀。因为，根据上面所说，举个例子，譬如十年前，David 花了 20万买房，十年后的今天，David的房子，还是只值 20万。

其实不然，经过我不断的研究阅读，和同行的讨论再加上一些思考，对Garath 发表的这段话的局限性，很是失望。首先，这次的consultation letter,还是在征集各大银行代表的意见中，远元未到实施阶段。其次，请允许我用微薄的知识和大家分析一下。当然，以下所述只是学术讨论，不代表银行任何意见和观点，也不能构成投资意见。

首先，我们看看储备银行这次对于 “property value" 一词的解释想作些什么更新。 （这里只谈cnsultation letter的第 26 条）

下面是现时储备银行对于 "property value"  的定义：

“Propertyvalue is the value of the residential property determined under abank’s

residentialproperty valuation policy when a residential mortgage loan isoriginated”.

(Section37)

“a policy governing how a property value is determined for a residentialmortgage loan

that- (i) is approved by a bank’s board of directors; and (ii) includesguidance on the

useof –(A) a valuation produced by an independent valuer: and (B) thepurchase price

of aresidential property;” (Section 43 (f))

“independentvaluer means a person who is not associated with a person who has an

interestin the residential property for which a valuation is made and who is:(i) a

registeredvaluer as defined in the Valuers Act 1948; or (ii) another personapproved to

providevaluation services by rules made under the Rating Valuations Act1998:”

接下来，是储备银行对于 "property value" 处于征询意见中的新定义：

“Property value is the value of the residential property determined under abank’s

residentialproperty valuation policy when a residential mortgage loan isoriginated”.

“A property valuation policy means

a policy governing how a property value is determined for a residentialmortgage loan that - (i) is approved by a bank’s board ofdirectors; (ii) includes the requirement that only propertyvaluations by independent valuers are used for the purpose ofcalculating the loan-to-value ratio; (iii) includes guidanceon the use of the purchase price of a residential property;and (iv) ensures thatits application is invariant to the direction of the movement ofresidential property prices,i.e. it is applied symmetrically irrespective of whether residential property pricesare increasing or decreasing.

“independentvaluer means a person who is not associated with a person who has an

interestin the residential property for which a valuation is made and who is:(i) a

registeredvaluer as defined in the Valuers Act 1948; or (ii) another personapproved

toprovide valuation services by rules made under the Rating ValuationsAct 1998:”

大家留意发光的字体，这些是这次 其中，关键词是 symmetrically 和 independent valuers。 可以看出，新旧定义里头，储备银行把，买卖价钱 "purhase price" 这个字眼剔除了。而且，更着重的，是独立估价师的估价，和想得到一个更合理，更稳定，而不是一个虚高的房价。

可以预见， 如果新的定义真被推广的话，以后在很多场合里，都要用上独立估价师的估价。其中包括最常见的，买卖房子 （无论私售或中介），更换银行 （refinance), 增加贷款（top up)，及用equity去抵押再买房。 而且，为了得出更折中的价格，不排会要求大家做两份或者以上的估价而取平均或中间价的可能。

至于Garath文中所提到大家担心不能refinance或top up 的可能性，个人认为，基本为 0。