New lending law the reason ASB said no to 7% of borrowers

ASB chief executive Vittoria Shortt says her bank is passing on savings from the central bank's lending programme. (Image: supplied)

Jenny Ruth

Thu, 10 Feb 2022

ASB Bank has turned away about 7% of would-be mortgage borrowers that it would otherwise have lent to because of changes to the Credit Contracts and Consumer Finance Act (CCCFA).Chief executive Vittoria Shortt said the changes, which came into force last December, had made a difference to her bank's lending on housing."About 7% of customers we would have loved to have helped and we think they were credit-worthy" still had to be turned away, Shortt told BusinessDesk.While newspapers have been filled with anecdotes about would-be ho...

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