ASB Bank and ANZ Bank New Zealand have followed Westpac Banking Corp's lead in clamping down on lending to property investors by requiring at least a 40 per cent deposit ahead of Reserve Bank restrictions.

Westpac made the same move  after the central bank said earlier this week it intends having the new lending restrictions in force by September 1 and asked lenders to comply with the spirit of the new regulations immediately. The regulations extend and expand the demand for a 30 per cent…