The cost of building a "standard" 200-square-metre home was up by a record 9.6% over the past 12 months.
The youth hostel and backpacker operator has sold its national 'prime' properties.
The investment means more 11,500 homes can be built over the next 10 to 15 years.
Nearly half of customers with home loans are ahead on payments, says the New Zealand Bankers' Association.