Mortgage scheme draws hundreds of hopeful buyers

Kiwibank started processing loan applications made under the new scheme this week, spokesman Bruce Thompson said.

The bank has received thousands of inquiries about the scheme since it was announced at the beginning of August – so many it had not needed to advertise the availability of the new no or low-deposit mortgages.

Interest had come from all over New Zealand, Mr Thompson said.

The real estate industry expects the new buyers to fuel the demand for houses, particularly at the lower end of the market.

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