Post by Kiwi Frontline on Feb 2, 2024 4:00:20 GMT 12
BNZ OFFERS FIRST HOME LOANS ON MĀORI-OWNED LAND
A new collaboration between the BNZ and Ngāti Whātua Ōrākei in Auckland means that for the first time, home loans at standard home loan rates, are being made available for building on iwi land.
Banks have traditionally been reluctant to offer home loans for housing on communally owned land because they can't use the land as security for the loans.
But the BNZ and Ngāti Whātua Ōrākei have negotiated an agreement where, in the event of a distressed mortgage, the hapū would take over. Fourteen homes are under construction in Hawaiki St, Ōrākei as part of the hapū's ambitious housing development on the historic site.....
www.rnz.co.nz/national/programmes/ninetonoon/audio/2018924326/bnz-offers-first-home-loans-on-maori-owned-land
A new collaboration between the BNZ and Ngāti Whātua Ōrākei in Auckland means that for the first time, home loans at standard home loan rates, are being made available for building on iwi land.
Banks have traditionally been reluctant to offer home loans for housing on communally owned land because they can't use the land as security for the loans.
But the BNZ and Ngāti Whātua Ōrākei have negotiated an agreement where, in the event of a distressed mortgage, the hapū would take over. Fourteen homes are under construction in Hawaiki St, Ōrākei as part of the hapū's ambitious housing development on the historic site.....
www.rnz.co.nz/national/programmes/ninetonoon/audio/2018924326/bnz-offers-first-home-loans-on-maori-owned-land