- The New Zealand Banking Association said confirmation of payee will provide an extra layer of reassurance for customers in NZ, but cautioned people not to be complacent.
- The system will not fully protect them from scams and criminals will continue to look for ways to trick customers into making payments, Beaumont said.
- The latest Retail Banking Insights publication from the New Zealand Banking Association – the banking lobby group – found 39.7% of mortgage holders in NZ were ahead of minimum mortgage repayments.
- Despite tough economic conditions, New Zealand bank customers are handling their financial responsibilities well, according to the New Zealand Banking Association’s latest retail banking insights for January to June 2024.
- The NZBA figures show that there are 9.86 million unique banking customers. Of those, 9,267 customers applied for hardship status, up 1% from the period between July 2023 and December 2023. 5,968 customers were granted hardship status, up 6.9%.
- Banking Association chief executive Roger Beaumont said banks had responded to the minister in line with his February letter and were “discussing next steps”.
- Hobbs said council had been working with the New Zealand Banking Association to see how they might be able to support people in negative equity, but it was case by case and homeowners should contact their bank to discuss options.
- “Our banks know that some farmers are doing it tough in the current economic environment, so it made sense to fill the funding gap for the Farm Business Advice Fund, and to renew the annual sponsorship arrangement for the Rural Support Trust,” Beaumont said.
