Kiwibank is taking action to assist Christchurch property owners planning to build new homes in areas zoned TC3 following the devastating earthquakes of 2010 and 2011. Restrictions on getting insurance for planned developments have severely hampered property owners in these areas.
Kiwibank General Manager Canterbury Growth, Tracey Berry, said Kiwibank can now facilitate applications for insurance from these areas. Each application will be treated on a case-by-case basis, but “widening access to insurance is a major step forward”.
Kiwibank believes the higher building standards that were introduced after the earthquakes have given it the confidence to facilitate applications for insurance. These standards have significantly improved the seismic strength of new houses, which, as a result, are more resistant to earthquake damage. In its commitment for more sustainable homes, Kiwibank will also make a contribution for those that require funding to install a system that produces renewable energy such as solar panels.
Ms Berry said Kiwibank continues to facilitate insurance for houses of existing customers in the Red Zone and TC3, “we are dedicated to meeting the expectations of our existing customers in Canterbury and supporting the region’s and community’s recovery”.
Kiwibank also has a range of other initiative for Christchurch customers including discounted mortgage rates. The bank has also increased the number of staff employed to handle loan and insurance applications.
CERA Chief Executive Roger Sutton has expressed support for the Kiwibank initiative.
“I am encouraged by the progress that Kiwibank, and others, are making for their customers in Christchurch. Securing financial support and fascilitating insurance for newly built homes in these zones is a critical step toward getting Christchurch families back into these areas and into new homes,” Mr Sutton said.
For further information:
Tracey Berry, General Manager Canterbury Growth
027 702 6561