- “Banks are responsible lenders and when assessing a loan application they apply higher ‘serviceability’ rates to see if you could still repay the loan if interest rates go up. So typically, there’s a buffer already built in for borrowers.”
- “Anyone experiencing financial difficulty should contact their bank to discuss their options. The sooner you talk to your bank, the more likely they’ll be able to help. Options could include lengthening the term of your loan, to reduce the amount of regular repayments. In some cases, temporarily moving to interest-only repayments may also be an... Read more »
- Bankers’ Association chief executive Roger Beaumont says the country’s banks are very conscious of the impact current economic conditions will have on many New Zealanders. Anyone experiencing financial difficulty should contact their bank to discuss their options.
- In response to the Reserve Bank governor’s comments today about banks supporting households and businesses in the current economic environment, New Zealand Bankers’ Association chief executive Roger Beaumont says: “Our banks are very conscious of the impact current economic conditions will have on many New Zealanders. Anyone experiencing financial difficulty should contact their bank to... Read more »
- The NZ Bankers’ Association commissioned an analysis from former Treasury secretary, Dr Graham Scott, which estimated the proposals would cost households, businesses and the economy about $1.8b a year.
- Financial mentors and banks are working together to help people in small communities across New Zealand to access banking services. These ‘banking collaborations’ are one of several projects being delivered under a partnership between FinCap and the New Zealand Bankers’ Association, which is funded by NZBA members to the tune of $5 million over five... Read more »
- The New Zealand Bankers’ Association (NZBA) and FinCap have provided $5 million for financial mentors in small communities. “The reason the banks wanted to fund this was there’s a bit of a gap in terms of people who are making the transition, particularly to online or digital banking,” said NZBA CEO Roger Beaumont.
- New Zealand Bankers’ Association chief executive Roger Beaumont said banks set rates depending on their funding needs and the price they could get it for.
- “They’ll take into account the official cash rate and the cost of other funding, including wholesale funding often sourced from overseas, and retail funding often from local deposits. That’s particularly the case with lending rates, where fixed and variable rates may be affected differently by the shorter and longer term cost of funding.”
