- Last year they made a direct contribution of $8.52 billion to the New Zealand economy by spending $6.12 billion running their businesses here and by paying $2.4 billion in tax. The total contribution is more than their combined profits.
- People who were facing any significant change in circumstance that would cause them difficulty paying their mortgage – such as losing their job – should ring their bank immediately.
- “Banks are responsible lenders and when assessing a loan application they apply higher ‘serviceability’ rates to see if you could still repay the loan if interest rates go up. So typically, there’s a buffer already built in for borrowers.”
- “Anyone experiencing financial difficulty should contact their bank to discuss their options. The sooner you talk to your bank, the more likely they’ll be able to help. Options could include lengthening the term of your loan, to reduce the amount of regular repayments. In some cases, temporarily moving to interest-only repayments may also be an... Read more »
- Bankers’ Association chief executive Roger Beaumont says the country’s banks are very conscious of the impact current economic conditions will have on many New Zealanders. Anyone experiencing financial difficulty should contact their bank to discuss their options.
- The NZ Bankers’ Association commissioned an analysis from former Treasury secretary, Dr Graham Scott, which estimated the proposals would cost households, businesses and the economy about $1.8b a year.
- The New Zealand Bankers’ Association (NZBA) and FinCap have provided $5 million for financial mentors in small communities. “The reason the banks wanted to fund this was there’s a bit of a gap in terms of people who are making the transition, particularly to online or digital banking,” said NZBA CEO Roger Beaumont.
- New Zealand Bankers’ Association chief executive Roger Beaumont said banks set rates depending on their funding needs and the price they could get it for.
- “They’ll take into account the official cash rate and the cost of other funding, including wholesale funding often sourced from overseas, and retail funding often from local deposits. That’s particularly the case with lending rates, where fixed and variable rates may be affected differently by the shorter and longer term cost of funding.”
