ASB Bank will now offer the Kāinga Ora First Home Loan, marking another step in the bank’s commitment to making home ownership accessible for more New Zealanders.
The First Home Loan is designed for people who can afford regular mortgage repayments but are finding it difficult to save a 20% deposit. Instead of the standard deposit, eligible buyers can purchase their first home with just 5%, with the loan underwritten by Kāinga Ora – Homes and Communities.
ASB Executive General Manager Personal Banking Adam Boyd says “Home ownership is a cornerstone of financial wellbeing and security for many New Zealanders. This loan helps to get more people into their own homes without the challenge of saving a large deposit while managing everyday expenses, like rent.”
“By offering the First Home Loan, we’re helping to break down one of the biggest barriers to homeownership and opening doors for more New Zealanders to create their future and put down roots in their communities.”
“We’re committed to walking alongside our customers through one of the biggest financial decisions they’ll make. As well as the Kainga Ora First Home Loan, we have a team of trained specialist lenders to help customers on their journey,” says Adam Boyd.
Eligible customers who have been contributing to KiwiSaver for at least three years may also be able to withdraw their savings to put towards their home purchase and will be eligible for ASB’s First Home Buyer cashback offer.
For more information about ASB’s First Home Loan offering and full eligibility criteria, visit here: https://www.asb.co.nz/home-loans-mortgages/buying-first-home/first-home-loan.html
