Westpac Banking (ASX:WBC, NZE:WBC) committed to lend NZ$1 billion over the next three years to the social and affordable housing sectors, according to a Thursday release.
The New Zealand government disclosed up to NZ$150 million in government lending facilities and a loan guarantee scheme for community housing providers in the country.
Westpac is required to hold similar levels of capital for community housing providers as it does for a commercial developer which increases costs, Westpac NZ Managing Director Institutional and Business Banking, Reuben Tucker said.
This should be reviewed, he added. A loan guarantee scheme may materially reduce lending risks for community housing providers.
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