ANZ changes apartment lending rules in bid to help first homebuyers

The country’s biggest bank is reducing the apartment size at which its customers are required to have a higher deposit.

ANZ’s New Zealand Managing Director Ben Kelleher said the change comes as the bank looks to do its bit to help the inflated housing market, where many first home buyers struggle to make their way in.

“Apartments are often a more affordable entry point into the housing market. In addition, as cities intensify, apartments are becoming more common and popular choices for home buyers.”

Now, customers will only need a 20 per cent deposit for freehold, standard apartments that are considered 38 square metres in size or larger.