Stuff
Why don’t credit card rates fall when home loan rates do?
29/05/2020
New Zealand Bankers’ Association chief executive Roger Beaumont said the rates were higher because the loans were unsecured – there is no house or car for the bank to sell to recover debt if you stop paying.
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Business Desk
Mortgage wars should spark boost to lending
27/05/2020
This is supported by NZ Bankers’ Association figures showing more than 61,400 customers have opted to reduce repayments on loans worth about $20 billion – and another 54,200 borrowers have deferred payments altogether on loans of $19.1 billion.
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NZ Herald
Covid 19 coronavirus: Lockdown was a ‘dark time’ for many: Retirement commissioner
26/05/2020
“Banks are working hard to help customers in need. That’s reflected in the fact over 115,000 customers have reduced or deferred all home loan repayments since we went into level 4 lockdown, for loans totalling nearly $40 billion. Now that we’re at level 2 some of these customers are starting to see a way through...
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NZ Herald
On a six-month loan holiday? Expect contact from your bank soon
22/05/2020
Beaumont encouraged borrowers who had deferred their loans to keep in touch with their bank if their circumstances changed. “It’s in borrowers’ interests to start repaying their loans as soon as they can. That may be before the deferral period ends.”
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Stuff
Households already coming off home loan ‘holidays’, banks say
21/05/2020
At the end of Monday, 59,237 bank borrowers were making reduced repayments on their home loans, or other loans, and 53,779 were on complete repayment holidays, figures from the New Zealand Bankers’ Association showed.
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NZ Adviser
Banks commit to paying suppliers faster amid COVID-19 crisis
20/05/2020
“Last year, our banks spent $5.7 billion running their businesses in New Zealand. That includes paying local businesses for goods and services. We expect this initiative will make a difference for many businesses.”
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Interest.co.nz
David Hargreaves has a deeper dive through the Reserve Bank’s latest figures on mortgage lending by debt-to-income ratio and finds that buyers across the spectrum have been stretching themselves further
18/05/2020
According to NZ Bankers Association figures nearly 54,000 bank customers with mortgages of just under $19 billion have gone on the six month repayment ‘holiday’, which was offered in March.
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Interest.co.nz
RBNZ Governor says banks will need to be ‘forgiving’ as more people are set to lose their jobs as mortgage repayment deferrals expire
18/05/2020
According to the New Zealand Bankers’ Association, banks approved repayment deferrals on $18.9 billion of consumer loans to 53,779 customers, in the nearly two months to May 18.
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Business Desk
Government to private sector: please pay your bills faster
18/05/2020
The banking sector, meanwhile, is on board and committing to paying suppliers of goods and services within two weeks, New Zealand Bankers’ Association chief executive Roger Beaumont said.
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Stuff
Pay small businesses as soon as possible, Government urges big business
18/05/2020
“We’re pleased to make this commitment to support New Zealand businesses. It’s another way in which we’re supporting our economic recovery.”
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