ASB joins banks restricting foreign buyers

ASB has joined Westpac, BNZ and ANZ in making it tougher for overseas purchasers to get a home loan.

Monday, June 13th 2016, 5:00PM

by The Landlord

The bank said it had reviewed its lending criteria and was making changes.

"ASB has reviewed its policies concerning the treatment of overseas income in home loan applications," a spokeswoman said.

"Overseas income will no longer be considered in applications where the customer does not hold New Zealand citizenship or permanent residency. Where a customer does hold New Zealand citizenship or permanent residency, we will consider overseas income on a case-by-case basis subject to certain conditions.

"We continue to consider applications from customers without New Zealand citizenship or permanent residency where overseas income does not form part of the application, subject to certain conditions," she said.

It comes after BNZ, ANZ and Westpac moved last week.

 

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