Jason Rathgen is getting desperate - he sought pre-approval for a loan with a deposit of less than 20 per cent.
The 42-year-old from West Auckland said it would just be unrealistic to save to meet the new loan requirements.
"You do get kind of desperate, to be honest. I'm a pretty chilled out dude, but you want a place you can call your own and you're running out of time really, really fast."
Mr Rathgen, who works for Lion Breweries, spent a lot of his life travelling but after settling back in New Zealand he decided it was time to save for a house.
He admitted he hadn't been saving long, but has $25,000 in the bank and wants to get in before limits come into effect. He hopes to get a Welcome Home loan, a Government scheme to help people into home ownership.
His appointment with the bank manager last Tuesday was the day the Reserve Bank announced the changes.
"I can't believe it. Why did they do this? There's a lot of people freaking out ..."
Mr Rathgen was told it would take up to seven days to pre-approve his loan but that has now been pushed to 10 days. This has meant he's missed out on his dream property. A two bedroom house on Duffy Rd in Bethells Beach which needs renovating is up for auction on Friday.
"It was perfect," he said. "I'm trying really hard not to be devastated."