- Roger Beaumont, chief executive of the New Zealand Bankers’ Association, said: “While there are obvious advantages for people in need, repayment deferrals may extend the time it takes to repay the loan and will add interest cost
- Bankers Association chief executive Roger Beaumont warned anyone thinking of taking the mortgage holiday to carefully consider its costs, as interest would still accrue over the six months.
- “Banks will have different approaches to how they manage the process for customers to opt into a mortgage deferral – those details, including eligibility criteria, will be available on bank websites.”
- “Anyone opting into a mortgage deferral needs to be clear about what this means for them. While there are obvious advantages for people in need, repayment deferrals may extend the time it takes to repay the loan and will add interest cost. So it may not be for everyone.”
- “We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further package.”
- Bankers Association chief executive Roger Beaumont said the banks can now offer to defer mortgage payments of principal and interest for up to six months.
- From Thursday, banks will keep some branches open for limited hours one day a week for customers who could not use ATMs, phone or online banking, said New Zealand Bankers’ Association chief executive Roger Beaumont.
- The Bankers’ Association urged customers to speak to banks early and said support options included reducing or suspending repayments of home loan debt and instead only repaying the interest on the loan.
- Roger Beaumont, chief executive of the New Zealand Bankers’ Association, which speaks for member banks including ANZ, ASB, BNZ, Kiwibank, and Westpac, said: “The sooner you talk to your bank, the better placed they are to help you.”
