He says the restrictions have stopped about $20 billion of highly leveraged lending since they were introduced.
Before they started around 21% of lending with an LVR of over 80%, now it is down to 13%.
"We regard (these restrictions) as very successful," he said in a post-OCR announcement press conference.
He said the bank has always said that it could not fix the housing market as there are a whole lot of supply and demand dynamics which it can't influence.
The changes introduced had temporarily slowed the housing market. However, the most important impact of the changes was to "reduce the risk around (bank) loan portfolios."
Wheeler said further LVR for investors is one of the scenarios the Reserve Bank is currently looking at.
According to the bank property investors account for 46% of lending in Auckland and around 40% in the rest of the country.
