![]() She works for Sealord in Nelson and was looking for a small place. Because New Zealand banks just don’t want to lend on apartments. The $452 million, 21-storey building above the Aotea City Rail Link station will bring 10 floors of different sized apartments to the CBD, sometime in the middle of the decade.Īnd Manaaki, the latest development from apartment builder Ockham, will have 210 apartments in four blocks in Onehunga, including an “array” of small-sized pads.īut if the experience of the dozens of readers who contacted me this week are anything to go by, first home buyers will struggle to buy small apartments in either of these complexes. The first was revealed with much fanfare by Auckland Council. Second, this week, came the announcements that not one, but two big new apartment complexes were going to be built in Auckland. Some would-be buyers ended up with no choice but to carry on renting, a few bought a house bigger than they needed and with a mortgage costing more than they felt they could really afford.īecause the crazy thing was, they said, the banks were happy to lend them a big amount on a (relatively) expensive house, but weren't prepared to give them a smaller amount on a cheap apartment. How small is too small for banks to lend money on? Click here to comment. If you haven't read that story, it might be worth doing so before reading this one. Think of this as Part Two.įirst, I received dozens of emails from mostly young people telling their beat-your-head-against-the-wall-in-frustration stories of trying to get a mortgage to buy a small apartment – and being turned down by the banks because they wanted to use their apartment as security for the loan but didn't have a 50 percent deposit. It’s a fail, New Zealand, and someone needs to do something, writes Nikki Mandow.Ī couple of things happened last week, following my story about banks blocking first home buyers from small (and therefore affordable) apartments. The Government has passed the buck on banks excluding first home buyers from affordable small apartments. Comment Small apartment crisis: The fight back begins ![]()
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