Stuff
Banks told: Don’t charge interest on mortgage holidays
01/04/2020
“Last week we announced that New Zealand’s retail banks are offering mortgage repayment deferrals. That represents immediate financial relief for many customers. Banks do not profit from this. In fact, they cover the cost of providing that credit for the period of the deferred payments.”
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NZ Herald
Nine banks to start lending govt-backed $6.25b for business immediately
31/03/2020
“Banks will follow their normal credit assessment processes to see if businesses qualify for the scheme and will take into account the circumstances businesses find themselves in due to covid-19.”
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Interest.co.nz
More detail unveiled on which businesses are be eligible for an 80% taxpayer-backed bank loan to get them through the COVID-19 crisis
31/03/2020
New Zealand Bankers’ Association CEO Roger Beaumont said banks’ credit assessments typically take 10 working days.
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Stuff
Applications open for $6.25 billion of loans to struggling businesses
31/03/2020
“Businesses are at the heart of our economy and we know many are doing it tough as a result of Covid-19,” said Beaumont.
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NZ Herald
Covid 19 coronavirus: Banks report 10,000 plus Kiwis seeking six month home-loan holiday
29/03/2020
Roger Beaumont, New Zealand Bankers’ Association chief executive, last week urged people to go online for information first after bank call centres were jammed with people calling through only to find long wait times.
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Good Returns
Banks roll out mortgage holidays
29/03/2020
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
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NZ Adviser
Banks launch mortgage holidays, but they “may not be for everyone”
29/03/2020
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.
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TVNZ
Banks confirm six-month mortgage payment deferral due to coronavirus – but interest still accrues
26/03/2020
“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.”
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Interest.co.nz
Most banks set-up to receive mortgage repayment deferral applications online; Customers urged not to swarm call centres
26/03/2020
“It’s important to know that interest on these loans will still accrue, and deferred interest will be added to the principal amount of the loan.”
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Stuff
Requests for mortgage holidays pour in as Kiwis feel coronavirus strain
26/03/2020
“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.”
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