Kiwibank says no home loan for low earners

Monday 23 February 2004

Low-income families dependent on welfare top-ups are being turned down for home loans by the Government-owned Kiwibank, but welcomed at mainstream banks.

By The Landlord

Dubbed "The People's Bank", Kiwibank is the only major lender that refuses to count income-tested payments such as family support, paid to tens of thousands of working families, when assessing how much they can afford to pay off a mortgage.

A Kiwibank spokesman said such payments were not considered "stable income".

Yet National, Westpac, ANZ, BNZ, ASB and TSB banks all confirmed they lent money to poorer families on the basis of how much state support they received.

Read More - Opens in a new window
Commenting is closed

Property News

Downward pressures might push investors out

There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Industrial holdings leave Provincia in strong position

Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer