NZCU Baywide aims for first home buyers
The non-bank lender is advertising a host of changes to its home loan product as it aims to take a slice of the FHB market, a growing segment within New Zealand.
New features include a relaxed NSR requirement for low deposit loans of more than 80% LVR (to 95%), and offering loan terms of up to 30 years.
NZCU has also cut its requirement for customers to take out life insurance and disability insurance policies, according to market materials sent out to advisers.
The lender has also increased its lending cap to up to $850,000, as it targets first home buyers in more expensive cities, including Wellington. The firm still excludes home buyers in Hamilton and Auckland City.
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