ASB Back My Build Exceeds $ 2 Billion In New Build Loans

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In just over a month since the ASB launched its special Back My Build home loan rate to increase housing supply and help Kiwis on the property ladder, the bank has raised more than $ 2 billion in loan applications in support of the Construction of 3,000 new houses received.

The Back My Build home purchase loan offers a floating rate of 1.79% for three years for customers building a new home or buying a house and land package.

ASB General Manager Direct Channels Glen Martin says interest in Back My Build has exceeded expectations.

“Our initial goal was to approve 1,000 Back My Build home loans in the first year. Hence, receiving 3,000 applications in just over a month is phenomenal and testifies to the huge demand for more affordable properties.

“Housing supply remains a huge problem for New Zealand, so we’re really proud to help address this issue and see more Kiwi families make their dreams of living come true.”

The variable interest rate ASB Back My Build is available for up to three years from the time of first use by the customer. Since it is variable, customers are also free at any time to make flat-rate payments or to set their tariff.

In addition, ASB Back My Build construction loan customers receive cashback when they incorporate green design into their construction. Mr Martin says it is encouraging to see interest in more energy efficient, healthy homes.

“Although we are very focused on increasing the supply of apartments, it is also important to promote environmentally friendly living.

“We partnered with the New Zealand Green Building Council to support this by reimbursing our customers $ 2,000 if they can demonstrate their intention to build a home with 6 Homestar ratings (or higher) and We are pleased about the great interest that we had in accepting this offer.

“As a bank lender, we can really go a long way in solving the housing supply by making it easier for Kiwis to choose new homes, and we are definitely seeing the benefits,” says Martin.

For more information, see the ASB website at asb.co.nz/back-my-build

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