BNZ has announced conditional pre-approved loans for KiwiBuild customers that can last for up to 12 months, rather than the typical 60-90 days.
BNZ consumer and wealth chief customer officer Paul Carter said the bank’s approach to KiwiBuild reflects its ambition to turn the homeownership dream into a reality for as many New Zealanders.
“We’re getting in behind our KiwiBuild customers by making it simpler and easier for them,” he said. “Simpler, with conditional pre-approved loans that can last for up to 12 months. Easier, with smaller deposits.”
BNZ offers an extended conditional loan approval term and loans on 5% deposit for a KiwiBuild home loan.
“It means our KiwiBuild buyers can take their time,” Carter noted. “We’re absolutely focused on our customers’ best interests and always check to make sure our loans are still affordable before final settlement.
“As BNZ backs the government’s KiwiBuild programme, we’re actively looking for new ways to help get more of our customers into their first homes. Building on the $1.07 billion we have already made available to first home buyers in 2018, out conditional loan approval term and loans on 5% deposit make us a great option for those looking for a KiwiBuild home loan.”
The bank says KiwiBuild is turning the home ownership dream into a reality for many New Zealanders, and is encouraging anyone considering a KiwiBuild home to get in touch.
The 12-month conditional approval period and up to 95% LVR terms are also available to new-build homebuyers outside the KiwiBuild scheme, so long as the meet the bank’s usual lending requirements.