ASB to end new builds funding using cheap RBNZ money

Staff reporters
Fri, 18 Mar 2022

ASB Bank has now fully used the cheap funding available to it under the Reserve Bank's funding-for-lending programme (FLP), drawing down $2.9 billion, and will not be writing any more home loans from this funding source.ASB has used $1.4b of the FLP money to fund its "back my build" (BMB) offering to customers wanting to build new homes and it said there are more than 4,300 homes under construction as a result.It has also lent more than $1.3b to large businesses that have committed to developing infrastructure and sustainability i...

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