The changes relate to lending on apartments in Auckland and have been made to support the council's Unitary Plan to to assist first home buyers.
Westpac says apartments are increasingly viewed by its first home buyer customers as a potential affordable housing option. Under the changes the maximum LVR for apartment lending is increasing from 80% LVR to 85% LVR.
"We are committed to supporting our customers into affordable housing solutions," Westpac director third party banking Kylie Kneale says.
The increased LVR maximum will be for owner occupier apartment lending only, limitations apply:
"Increasing our maximum LVR limit for apartments from 80% to 85% will widen customers' housing options and better help them onto the property ladder," Kneale says.
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