Second home buyers in China will face lower down payments due to relaxed restrictions.

Chinese citizens who wish to buy a second home will enjoy the same 30-percent down payment required of first-time home buyers if they have fully repaid their mortgage loans, the People's Bank of China (PBC), the central bank, and the China Banking Regulatory Commission (CBRC) said in a joint announcement on September 30.

Prior to the announcement, second home buyers were required to set down at least a 60-percent down payment.

The move marked a turning point in the nation's restrictive home purchasing policies.

In 2011, skyrocketing home prices forced the government to roll out restrictive measures, such as requiring higher down payments and increasing the lending rate for second home purchases, as well as banning the purchase of a third home.

According to the latest announcement, first home buyers will have access to a maximum 30-percent discount on home loan rates offered by banks, while the minimum down payment remains at 30 percent. The PBC and the CBRC also said that they will require their regional branches to outline supportive home loan measures based on local government requirements.