NZBA welcomes consumer lending law fix
20/10/2025
The New Zealand Banking Association today welcomed the government’s decision to accept the Finance and Expenditure Committee’s recommendation to fix an anomaly in the Credit Contracts and Consumer Finance Act. This will confirm disclosure errors for loans will be treated in the same way whether they occurred before or after 2019. New Zealand Banking Association...
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First home buyers making the most of current conditions
13/10/2025
A quarter of new home loans went to first home buyers in an otherwise steady lending market from January to June this year, according to retail banking insights released by the New Zealand Banking Association today. There were a total of 1.4 million home loans across 1.2 million customers at the end of June. The...
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Banks launch home loan comparison calculator
01/09/2025
The banking industry today launched an online calculator that allows consumers to compare up to three home loan offers. This initiative responds to a recommendation in the Commerce Commission’s market study into personal banking services. The home loan calculator is hosted by Interest.co.nz and is available here: https://www.interest.co.nz/calculators/home-loan-comparison-calculator The calculator will allow prospective borrowers to...
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Banks welcome Anti-Scam Alliance
10/07/2025
The New Zealand Banking Association today welcomed the government’s establishment of the Anti-Scam Alliance. New Zealand Banking Association chief executive Roger Beaumont says: “We’ve been calling for a co-ordinated multi-sector approach to scam prevention and consumer protection since 2023. Today’s announcement is a good step in that direction. “For a long time we have encouraged...
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Lending law poses $12.9 billion threat to financial system
25/06/2025
Modelling by the Reserve Bank estimates current consumer lending law could have a $12.9 billion impact on the financial system, with the potential for an even more severe impact. Under the Credit Contracts and Consumer Finance Act lenders must provide borrowers with information about their loan. Between 2015 and 2019 any lender who even made...
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Banking industry welcomes CCCFA Amendment Bill first reading
20/05/2025
The banking industry welcomes the first reading of the Credit Contracts and Consumer Finance Amendment Bill. This includes an important adjustment to limit the risk of excessive consequences for minor disclosure breaches. “We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all...
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Banks step up customer scam protections and compensation
23/04/2025
New Zealand’s banks are bringing in a suite of new measures aligned with global best practice to further protect New Zealanders from criminal scammers. The New Zealand Banking Association today announced a suite of consumer protections that will be progressively rolled out over the next seven months. The banks’ consumer protections will include: Pre-transaction warnings...
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Home lending up
14/04/2025
Retail banking insights released today by the New Zealand Banking Association showed both the number and value of home loans in the second half of 2024 increased significantly compared to the first half. The insights show there were 56,938 new home loans in July to December 2024, up 21% from the previous six months. The...
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Banks to start rolling out Confirmation of Payee in November
09/10/2024
New Zealand’s retail banks will start rolling out the new Confirmation of Payee service by the end of November this year, says the New Zealand Banking Association. It will be a phased delivery to customers to ensure proper testing and customer satisfaction. Confirmation of Payee will provide bank customers with an extra level of reassurance...
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Bank customers resilient in the face of economic headwinds
07/10/2024
Bank customers are managing their money relatively well in the current economic conditions according to retail banking insights released today by the New Zealand Banking Association. The insights from January to June this year showed customers continued to use credit cards prudently and were maintaining home loan repayments. Of the 2.23 million customers who had...
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