The New Zealand Bankers’ Association said it strongly supported efforts to crack down on predatory lending, but could not force its members to boycott truck operators or pay day lenders.
NZBA argues giving preferential treatment to ‘KiwiFund’ in the form of a government guarantee would “skew the competitive nature of the KiwiSaver market”.
Financial Markets Authority
Economic Development, Science and Innovation Committee
“If you haven’t used the site before, or aren’t sure they’re a reputable business, it pays to do some research,” Scott-Howman said.
“Before purchasing anything online, make sure you’re dealing with a business you can trust.”
New Zealand Bankers’ Association chief executive Karen Scott-Howman says size is among a number of factors that banks may take into account when looking at lending on apartments.
“There are a number of factors banks take into account when considering applications for development finance. Preference is given to established builders and developers with a relationship with a bank and sound credit record. Banks also consider the quality of the intended build and the range of pre-sales.”
“New Zealand’s regulatory environment is very different from that in Australia, and the Australian-owned banks operating in New Zealand are separately governed and regulated under New Zealand law.”
Reserve Bank of New Zealand
“The issue is that you can’t create a security interest in something you don’t own,” Scott-Howman says. In these cases, it’s difficult for banks to lend without security, or lend an amount greater than the value of the security.