ASB has reversed a policy that would have restricted investor access to loans to buy new properties. The Reserve Bank rules exempt loans for new homes. However, ASB wanted to apply the 40 per cent deposit rule to investors buying new homes. ASB’s decision was opposed by property investors who said it would stifle homebuilding. ASB was the first to introduce a minimum 30 per cent deposit requirement for property investors in November “in support of first home buyers”, Sims said.

Source: Stuff February 17, 2021 23:03 UTC