Dawn chorus: ASB's new build restriction
Biggest home lender won't lend more than 60% of new build's value to landlords, despite LVR exception for new builds; Huge housing demand as FOMO and panic sets in after 20% spike in 4 months
TLDR: Morena. ASB is quietly restricting lending to landlords for new builds, frustrating everyone’s hopes that extra housing supply can improve affordability. The LVR rules exempt new builds for both landlords and owner-occupiers, but ASB will only lend up to 60% for landlords buying new homes.
ASB’s policy reinforces the fears the low interest rates ju…
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