Reserve Bank of New Zealand
The New Zealand Bankers’ Association today welcomed the government’s financial assistance for leaky homes which will provide a further option for affected home owners.
The package will offer a government contribution of 25% of the cost of approved repairs to eligible home owners to repair their homes, and home owners may be eligible for a further contribution of 25% of the cost of approved repairs from their local authority. Home owners will then need to fund the balance of the repair costs. It is expected that many home owners who are eligible for the package will do so by way of borrowing from their bank.
“Eligibility and affordability are key elements of the package,” said NZBA chief executive Sarah Mehrtens. The package announced today will go a long way towards helping in this area. Banks will work closely with affected home owners to see how they can assist. It is important to note that lending criteria conditions will still need to be met.
“Banks have for a long time been working to assist customers who own leaky homes, and what is pleasing about this package is that it does provide some property owners with a further option,” said Mehrtens. Other options that already exist include the Weathertight Homes Resolution Service.
“Customers will need to carefully consider which option best suits their needs. We encourage them to take independent legal advice because the FAP may not be appropriate for everyone,” said Mehrtens.
Member banks that have agreed to work with the government are:
- ANZ National Bank Limited
- ASB Bank Limited
- Bank of New Zealand
- The Hongkong and Shanghai Banking Corporation Limited
- Kiwibank Limited
- SBS Bank
- TSB Bank Limited
- Westpac New Zealand Limited.
Customers of other banks can also seek assistance from the Department of Building and Housing under the package.
Affected home owners are encouraged to contact the Department of Building and Housing for more information on the FAP and to determine whether they are eligible for assistance under the scheme.
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The new Chair of the New Zealand Bankers’ Association (NZBA) for 2011/12 is Bank of
New Zealand Managing Director and Chief Executive Andrew Thorburn.
David Hisco, Chief Executive Officer of ANZ New Zealand, is the Deputy Chair.
Thorburn, who takes on this role in NZBA’s 120th anniversary year said, “BNZ is pleased to
be taking the Chair position for the next 12 months. As an industry we will continue to strive
to deliver a strong, stable and responsive banking system for the benefit of all
New Zealanders.”
BNZ takes over the mantle of Chair bank from ASB Bank. “I look forward to working with
Andrew Thorburn. I am also very grateful for the leadership, support and assistance initially
of Charles Pink, and then Ian Park, over the last year while ASB was our Chair bank,” said
NZBA Chief Executive Sarah Mehrtens.
Established in 1891, NZBA is a non-profit unincorporated association funded by member
banks. In conjunction with its members, NZBA develops and promotes the banking industry
viewpoint on non-competitive issues in policy discussions and in the media. NZBA also
facilitates good practices in the banking industry through the Code of Banking Practice.
NZBA membership is open to any bank registered under the Reserve Bank of New Zealand
Act 1989. Currently 12 registered banks are NZBA members. NZBA
Oral submission to Local Government and Environment Committee