Are restrictive covenants being waived for some and not others to facilitate bank financing for new homes in Temple View?
- Is this legal?
- Is it ethical?
- Is it moral?
Are the covenants being used to discriminate and control who can and cannot buy a home in Temple View?
Reply from Kiwi Bank
I’ve discussed the covenants with the head of my credit risk team and unfortunately they are entirely too restrictive for us to consider taking on one of these properties as security for a loan I’m afraid.
What the covenants do is restrict us in terms of our ability to find a buyer in the future if we’re ever in a forced sale situation with this property.
We would be more than happy to look at properties that aren’t inhibited by such stringent covenants though for you.
These restrictive covenants will improve the vitality of Temple View and protect the environs of the Temple.