Leading financial institution ASB has announced a special support package for first-home buyers looking for a KiwiBuild home loan.
ASB has committed to give a $2,500 cash contribution to customers who take out a mortgage to purchase a KiwiBuild property upon settlement of their loan.
It will also provide pre-approvals of up to 95% of the value of a KiwiBuild home for eligible customers.
The cash contribution is to help take away a layer of expense, ASB acting executive general manager retail banking Claire McKinnon said. For example, she suggests, it can be used towards the costs of property valuation or legal fees.
“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,” McKinnon added.
This move to lower deposit requirement for KiwiBuild buyers was welcomed by the Real Estate Institute of New Zealand (REINZ).
“With home ownership at its lowest point in 60 years, this is a positive step in the direction of helping more people get a foot on the property ladder,” REINZ chief executive Bindi Norwell noted.
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