If you’ve been bankrupt before, it will help to rebuild a good credit history that demonstrates your willingness to repay. If you show you can keep up repayments your bank may work with you on something bigger, like a home loan.
Antony Buick-Constable insisted the banks in New Zealand were different to the Australian parent companies, with separate board made up of directors who were required to act in the best interests of the New Zealand operation, under risk of being thrown out of the industry.
Finance and Expenditure Committee (more…)
Finance and Expenditure Committee
Three things you can do to weather a financial shock are:
- Having savings in place in case of an emergency
- Having insurance in place to protect yourself and your property
- Having wills and enduring powers of attorney in place to manage your money if you can’t.
That’s the message from the New Zealand Bankers’ Association as Money Week 2018 kicks off.
“If you’re looking for help to weather life’s financial storms your bank is a good place to start,” says New Zealand Bankers’ Association acting chief executive Antony Buick-Constable.
“Banks offer a range of savings products to help you build your buffer for a rainy day. Your bank may also offer a KiwiSaver scheme that can help set you up for a more financially secure retirement.
“Some banks also provide insurance to protect what’s most important to you – your family, your home, your income, and other valuable assets.
“Our banks also offer online money management tools, calculators, and advice that can help you prepare for unexpected financial events.”
Other practical banking tips are included in our Smarter Banking guide, which is available here: https://www.nzba.org.nz/wp-content/uploads/2018/07/Smarter-Banking-PDF.pdf
Money Week is organised by the Commission for Financial Capability and runs from 3 to 9 September. This year’s theme is financial resilience, and how to weather a financial shock.
More information is available at: https://moneyweek.org.nz/.
Banks have spent hundreds of millions of dollars in recent years installing and upgrading digital technology, internet and phone banking. That’s in response to changing customer demand for 24/7 banking services.
The average customer now uses online, mobile or phone banking once or twice a day and visits a branch once or twice a year.
Privacy Commission
Banks have a long-established and close relationship with the construction and development industries and do their best to stand by their customers. We want that to continue and for the pressing issues facing construction to be resolved so the industry can get on with what it does best – building New Zealand.
It would be irresponsible not to talk to people about insurance when they’re getting a mortgage, or discussing KiwiSaver options to help them provide for a more financially secure retirement.