- New Zealand Bankers’ Association chief executive Roger Beaumont says banks can no longer help customers who might need a low-interest loan for an emergency, and the Government did not address this issue in its recent announcement on further changes to the Act.
- New Zealand Bankers’ Association chief executive Roger Beaumont said lending policies and risk appetite would vary from bank to bank and could change over time. “In applying those policies, banks will look at a borrower’s particular circumstances, including their debt levels, security, and ability to repay any loans.”
- However, it wasn’t just banks that needed to know about property at possible risk from more frequent extreme weather events and rising sea levels. “This information needs to be freely available in a form that’s easily understood to property owners, potential buyers, developers, insurers, local authorities as well as lenders.”
- “Banks operate in a highly regulated environment and take their compliance obligations very seriously. In this case, we respect the fact that the cap has been set by the government.”
- That has disappointed the NZ Bankers Association, whose CEO Roger Beaumont said it would have been better to target affordability regulations to riskier lending and lenders, as well as to make changes to the penalties regime.
- The new hubs will have a Smart ATM and full cash change services, a full-time dedicated concierge, an employee from each bank available on site for a few hours on separate weekdays, a private meeting room, and private areas for phone and internet banking.
- “With major changes in customer behaviour accelerated by the Covid-19 pandemic and regular changes in alert levels. We intend to run the next phase until the end of 2023, to give these dynamic changes time to pan out,” Beaumont said.
- The New Zealand Bankers’ Association and the six participating banks have decided to expand the regional banking hubs trial until the end of 2023, opening four new model hubs and adapting the existing four. The Finance Minister launched NZBA’s regional banking hubs trial in November 2020, with hubs opened in Martinborough, Ōpunake, Stoke and Twizel.... Read more »
- “The best option presented to him would have been to target affordability regulations to riskier lending and lenders, as well as make changes to the penalties regime. Targeting affordability requirements to support those most at risk would provide them with appropriate protections as well as freeing up lending for those who can afford it.”
