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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NZ Herald
Six-month home loan holiday: banks now ready but borrowers urged to be cautious
26/03/2020
“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.”
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RNZ
Mortgage holiday scheme begins today
26/03/2020
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.
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Stuff
Coronavirus: Banking system essential but many branches will close
23/03/2020
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.
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NZ Herald
Auckland first-home buyers at greatest risk from coronavirus pain: experts
22/03/2020
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.
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Stuff
Banks strong enough to absorb surge in bad debts
17/03/2020
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.”
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