Regulatory Alerts2022-05-17
Response to submissions on the proposed construction exemption in BS19
The Reserve Bank of New Zealand finalized the construction exemption within BS19 following nine submissions from registered banks. The exemption applies to new residential dwellings where the buyer commits before construction begins or at an early stage, defined as the substructure and framing phase. The rules clarify that infrastructure, professional fees, and typical fixtures are included, while requiring completion within 18 months and retrospective reporting for loans dating back to March 2014.
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