Business Desk
Credit rule changes won’t make much difference: NZBA
09/06/2022
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place.”
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Interest.co.nz
Amendments to the troubled credit rule changes last year will come into force on July 7, but the NZ Bankers’ Association says the ‘rushed’ attempt to fix the problems won’t make things easier for would-be borrowers
09/06/2022
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change.”
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NZ Herald
Government locks in CCCFA changes; banks want lending rules relaxed even more
09/06/2022
“Most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change,” Beaumont said.
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Stuff
Government walks back some of its tougher loan rule changes, but banks say it’s not enough
09/06/2022
“The government’s rushed attempt to fix the problem hasn’t made things easier for consumers seeking credit. Instead, it’s raised hopes of a solution that hasn’t been delivered.”
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Otago Daily Times
Changes to lending rules to be in place soon
09/06/2022
New Zealand Bankers’ Association chief executive Roger Beaumont said the delay probably would not make much difference because the “proposed tweaks” would not change much.
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Lending rule tweaks won’t help most consumers
09/06/2022
Tweaks to new consumer lending rules released today won’t make much difference for most people seeking credit says the New Zealand Bankers’ Association. Changes to the Credit Contracts and Consumer Finance Act introduced last December had an immediate dampening impact on the availability of consumer credit. “The government’s rushed attempt to fix the problem hasn’t...
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Stuff
‘Always on the lookout’: Anti-money laundering laws have made money transfers to the Pacific ‘unsafe’
02/06/2022
“The drive for business is balanced with the need to identify and manage risk, including compliance with the regulatory framework in which they operate, especially AML-CFT legislation. These are commercial decisions for the banks themselves, made on a case-by-case basis,” Beaumont says.
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Stuff
Some NZ homeowners may hit negative equity if house prices drop 15%
01/06/2022
“Banks want to keep people in their homes and there are often a range of personal solutions that banks can implement to support their customer’s individual circumstances.”
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NZ Herald
Nearly half of mortgage holders were ahead of their repayments last year
25/05/2022
NZBA chief executive Roger Beaumont said these mortgage holders likely kept their repayments the same while interest rates fell to record lows.
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NZ Adviser
Nearly 50% of home loan customers are ahead on their repayments – NZBA
25/05/2022
Roger Beaumont, New Zealand Bankers’ Association chief executive, said about 44% of people with a home loan were ahead on their repayments “likely because as interest rates have declined over the last few years, they may have retained their repayments at the same level.”
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