ASB lends more than $2b on new builds since mid-May

Staff reporters
Wed, 30 Jun 2021

ASB Bank said it has lent more than $2 billion to build 3,000 homes under its Back My Build programme, three times the number it had aimed for in the first year.The programme was launched in mid-May offering a floating rate of 1.79% for three years to customers building a new home or purchasing a home-and-land package, well below its standard 4.45% standard floating rate.Earlier this week, ANZ Bank NZ undercut that with a 1.68% floating rate on new builds, the lowest floating rate in the market, with ASB's rate the next lowest.ASB's dir...

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