Rate will be offered for homes being built.

ANZ is offering a 1.68 per cent floating home loan rate for borrowers who are financing new builds.
Standard floating home loan rates at the main banks are between 4.44 per cent and 4.59 per cent.
The ANZ discount rate, called Blueprint to Build, will be available for 24 months for new builds and projects that are already under way. The bank warned that the standard floating rate could move over that time.
ASB last month launched a 1.79 per cent rate for people building a new home or buying a house and land package.
READ MORE:* ASB’s 1.79 per cent floating mortgage rate: What’s the catch?* Here’s how the pandemic improved NZers’ financial fortunes* Bonus Bond investors who held on will get $1.10 for each $1 bond
As New Zealands largest lender the current housing market continues to concern us because home ownership is getting beyond many, ANZ NZ managing mirector personal Ben Kelleher said.
New Zealands fundamental problem is one of supply and demand. Making it more affordable for people to fund new builds is one way we can contribute to increasing supply in the market.
ANZ will offer up to $3000 as a cash contribution for first-home buyers and for those customers building a 6+ Homestar rated home.
In December, ANZ NZ was the first bank to require a 40% deposit from residential property investors as a step to bring balance to the housing market, Kelleher said.
This, combined with other banks following suit and Government initiatives, has resulted in fewer investors coming into the market. This has taken some froth out of the market.
The Blueprint to Build initiative is another step were taking to help more Kiwis on to the property ladder and to increase the stock of healthier homes.
ANZ is launching a discount offer for new build customers.
Economist Rosie Collins earlier said that these sorts of policies were a small step but in the right direction.
Most of the lending growth in recent years, particularly over the last year, has been overwhelmingly for buying and selling secondhand houses, rather than building new homes. Lending to construction hasnt really increased since 2017, even though we need to build more.
Lending for newly built properties is exempt from loan-to-value restrictions, which means banks can offer loans to people who have smaller deposits.
It has also been suggested that Government moves to stop investors offsetting their home loan interest rate against their rental income could push more to new builds. The Government plans to exempt new properties.