ASB turns off the tap on new home build
The bank says it has fully used the cheap money offered under teh Reserve Bank's funding-for-lending programme.
Overall it drew down $2.9 billion and used nearly half of that to fund its Back My Build home loan product. Over it lent $1.4 billion to fund 4,300 new homes.
In addition to Back My Build, ASB has used the RBNZ funding programme to projects supporting broader sustainability or regional infrastructure objectives. The bank advanced more than $1.3 billion for large businesses that have committed to developing infrastructure and sustainability initiatives and almost $200 million in low-cost rural sustainability lending for farmers making environmental upgrades.
Back My Build was launched in May 2021 with an historically low floating interest rate of 1.79%.
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