ASB offers Kiwibuild sweeteners

The bank is making the offers as it attempts to take a share of new mortgage lending for the government’s 100,000 home programme, which is designed to tackle the country’s chronic housing shortage over the next decade.

ASB retail banking general manager  Claire McKinnon said: “We were New Zealand’s first savings bank and we’re proud that 171 years on, ASB is achieving another milestone with this market-leading offer, helping those wanting to realise their KiwiBuild home ownership dream.” She said customers could use the money for property inspection fees or legal fees.

ASB’s $2,500 cash contribution is available to customers who take out an ASB loan for KiwiBuild properties, upon settlement of their loans. Kiwi homeowners have entered a ballot for the government-supported homes and construction has already begun on properties in Auckland. The government is aiming to build 1000 homes in the scheme’s first year, yet the Treasury has cut its forecast progress for the new homes.

ASB also unveiled plans to offer pre-approvals of 95 percent mortgages for eligible KiwiBuild home buyers. McKinnon added: “Our history shows we’re committed to supporting Kiwis into their first home by empowering them to confidently take steps towards realising their dream. It’s a journey we’re excited to be part of by providing tips, tools, guidance and advice, along with offering our market leading KiwiBuild support package.”