Could your bank make you oppose a zoning change?

Councils around the country are loosening zoning restrictions to enable more housing intensification. (Image: Depositphotos)

Oliver Lewis

Thu, 22 Dec 2022

When Ian* got a home loan from ASB, he was surprised by a mortgage condition requiring him to notify the bank of any zoning changes, and, if necessary, oppose them. In an interview with BusinessDesk, the Wellington area man, who preferred to remain anonymous for professional reasons, said it seemed like the bank was trying to anticipate all possible scenarios that might affect the value of a property. While he doubted ASB would ever enforce the clause, Ian said: “It seems ineffective to try and force someone to put in a submissi...

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